S&P puts Hanesbrands on watch

Standard & Poor's said it placed its BB- corporate credit rating for Hanesbrands Inc., as well as all issue-level ratings for the company and its subsidiary, HBI Branded Apparel Ltd. Inc., on CreditWatch with negative implications.

"The CreditWatch placement reflects our concern that Hanesbrands' operating performance and credit metrics have weakened materially through the second quarter of fiscal 2009," said S&P credit analyst Jayne Ross in a press release.

"Although the company has stated that the results should improve in the second half of the year, we believe that Hanesbrands may find it difficult to achieve sufficient improvement that would result in credit metrics returning to levels that are more appropriate for the current rating."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.