Moody's downgrades GFSI

Moody's Investors Service said it downgraded the ratings of GFSI Inc., including the $125 million 9 3/8% senior subordinated notes due 2007 to Caa1 from B3, the senior implied rating to B2 from B1, and the issuer rating to Caa2 from Caa1.

The outlook is negative.

The downgrades reflect the heightened credit risk of the company as it faces the continued and growing presence of strong, well-positioned, and diversified competitors with lower cost structures, and by a weakened financial condition, Moody's said.

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