Moody's ups Express notes to Ba3

Moody's Investors Service said it upgraded Express LLC's corporate family and probability of default ratings to Ba2 from B1 and its $200 million senior unsecured note rating to Ba3 from B3.

At the same time, Moody's withdrew Express' $120 million term loan rating due to its full repayment.

The speculative grade liquidity rating of SGL-1 was affirmed.

The outlook was changed to stable from positive.

Moody's said the company has been reporting solid same store sales growth and margin improvements. Margin improvements were primarily driven by the company's "go-to-market" strategy, which involves significant product testing before making a material inventory commitment, a strategy that helps drive higher full priced selling and reduced markdowns.

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