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Moody's ups some Hanesbrands loans
Moody's Investors Service said it revised Hanesbrands Inc.'s outlook to stable from negative and upgraded its first-lien credit facilities to Ba1 (LGD2, 23%) from Ba2 (LGD2, 27%) and its second-lien credit facility to Ba3 (LGD4, 57%) from B1 (LGD4, 60%).
The Ba3 corporate family rating and SGL-2 speculative grade liquidity rating were affirmed.
"The rating outlook revision to stable from negative reflects the progress the company has made toward deleveraging its balance sheet, as it repaid nearly $134 million of debt through the third quarter of 2009," Moody's vice president Scott Tuhy said in a statement.
The company is now targeting a debt-to-EBITDA ratio in a range of 2x to 3x, compared with its previous target of 3.5x to 5x.
Moody's said the upgrade on the company's secured credit facilities is due to the continued repayment of its first-lien debt.
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