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Moody's rates Express notes B3
Moody's Investors Service said it assigned a B3 rating to Express LLC's proposed $200 million senior unsecured notes due 2018 to be issued under Rule 144A. Moody's also said it affirmed its corporate family and probability of default ratings at B2 and the rating on its existing senior secured term loan due 2014 at B1.
The outlook was revised to positive from stable.
The notes will be general unsecured obligations with guarantees by all existing and future wholly owned domestic subsidiaries of Express.
The outlook reflects an expectation for continued earnings improvement, modest revenue and same store sale growth, Moody's said, along with and stronger credit metrics over the near to intermediate term.
This is despite the expectation for a sluggish economic recovery in 2010, the agency said.
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