Fitch affirms Limited Brands

Fitch Ratings said it affirmed Limited Brands, Inc.'s long-term issuer default rating at BB+, bank credit facility at BBB-, senior guaranteed notes at BB+, senior notes at BB, short-term issuer default rating at B and commercial paper at B.

The outlook is stable.

The affirmations reflect Limited Brands' dominant market positions in intimate apparel and personal care and beauty products, improving top line and operating performance since fiscal 2009 and strong liquidity and cash flow generation, the agency said.

The ratings also consider the company's shareholder-friendly activities, including the resumption of debt-financed share repurchases, which will likely keep leverage in the mid-3 times range, the agency added.

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