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S&P ups Limited Brands
Standard & Poor's said it raised Limited Brands Inc.'s corporate credit rating to BB+ from BB, the issue-level rating on the company's debt to BB+ from BB and the debt's recovery rating to 3 from 4, indicating the expectation of meaningful (50%-70%) recovery in the event of payment default.
The outlook is stable.
The upgrade reflects the company's robust operating performance over the past year, which has enhanced credit protection measures and the view that these positive trends are likely to continue over the near term, S&P said.
The revision of the recovery rating on the debt reflects the increase in valuation because of the company's good performance over the past 12 months, the agency said.
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