Shares of Capri Holdings (NYSE: CPRI) fell sharply for the second day in a row on Thursday, after Fitch Ratings cut the bond rating of the luxury fashion company from investment grade to junk.
Capri Holding closed at $8.13 a share on Thursday, down 8.8% from Wednesday's closing price. Its shares have lost almost 40% of their value in the last week.
In a note on Wednesday, Fitch Ratings said that it has cut Capri Holdings' long-term debt rating from BBB-, the lowest investment-grade level, to BB+ -- a "speculative" or "junk" level -- with a negative outlook.