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Moody’s upgrades Hot Topic, notes
Moody's Investors Service said it upgraded HT Intermediate Holdings Corp.'s (Hot Topic) corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD senior secured notes to B1 from B2 and senior unsecured HoldCo notes to Caa1 from Caa2.
The outlook remains stable.
Moody’s said the upgrade to B2 reflects Hot Topic's strengthened liquidity following the announced sale of Torrid, with pro-forma cash balance of $89 million and better positive free cash generation due to lower CapEx spending.
The upgrade also reflects Hot Topic's improved credit metrics as a result of strong recent operating performance. Moody's views the sale as a slightly deleveraging transaction.
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