Moody's upgrades HSN

Moody's Investors Service said it upgraded HSN Inc.'s corporate family and probability-of-default ratings to Ba1 from Ba2, $150 million senior secured revolving credit facility to Baa2 (LGD2, 19%) from Baa3 (LGD2, 23%), $95 million senior secured term loan at to Baa2 (LGD2, 19%) from Baa3 (LGD2, 23%) and $240 million senior unsecured notes to Ba2 (LGD5, 70%) from Ba3 (LGD5, 73%).

The company's speculative grade liquidity rating of SGL-2 was affirmed.

The outlook is stable.

Moody's said the upgrade reflects HSN's recent positive revenue growth and operating margin expansion.

The upgrade reflects expectations that the recent improvement in performance is sustainable and that HSN will maintain a balanced financial policy, the agency added.

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