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Moody's confirms Liz Claiborne
Moody's Investors Service said it confirmed Liz Claiborne Inc.'s senior unsecured rating at Baa3 and its commercial paper rating at Prime-3.
The outlook is negative. This concludes the review that began on Feb. 15.
The confirmation reflects Moody's view that the company retains a strong brand portfolio, with significant diversification by channel and segment, and has demonstrated the ability to generate free cash flow, the agency said.
The negative outlook reflects concerns the company's financial metrics may remain weak as well as the continuing execution risks inherent in the company's long term strategic growth plans, Moody's noted.
The outlook also reflects the reduction in financial flexibility resulting from debt-financed share repurchases in 2007, the agency said.
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