Moody's ups Hockey

Moody's Investors Service upgraded the ratings of The Hockey Co. to reflect the company's improved financial condition and long-term business prospects given its strong operating performance in recent periods and its new ownership structure.

The outlook is stable.

Moody's upgraded Hockey's senior implied rating to Ba3 from Ba2 and its $125 million of 11¼% senior secured notes due 2009 to Ba3 from B2. Hockey's unsecured issuer rating was upgraded to B1 from B3.

The rating action follows the completion of Reebok's acquisition of The Hockey Co. earlier this month.

Moody's said the ratings upgrade and stable outlook recognize Hockey's strong operating performance in recent periods, particularly in fiscal 2003 with the success of new product introductions on the equipment side and favorable market conditions for vintage licensed apparel.

Hockey's ratings continue to benefit from its strong brand names and market share, its exclusive licensing and endorsement agreements with the leading hockey leagues and players, its product innovation capability, and its customer diversity.

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