Moody's rates Limited Brands notes Ba1

Moody's Investors Service said it assigned Limited Brands, Inc.'s proposed $1 billion of senior guaranteed notes a Ba1 (LGD 3, 41%) rating and affirmed the Ba1 corporate family and probability of default ratings, Ba1 (LGD 3, to 41% from 39%) senior guaranteed notes and Ba2 (LGD 5, to 86% from 83%) senior unguaranteed notes.

The outlook is stable.

Moody's expects the proceeds to be used to finance Limited Brands' recently announced $500 million share repurchase program.

The affirmation of the Ba1 corporate family rating reflects Limited Brands' ability to maintain very good credit metrics after issuing the new notes due to its very strong operating performance, Moody's said.

The ratings consider the company's solid credit metrics and very good liquidity as well as its expertise in merchandise and marketing band portfolio of well-recognized brand names, the agency said.

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