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S&P puts L Brands on positive watch
S&P said it placed all its ratings on L Brands Inc., which is expected to be renamed Bath & Body Works Inc., on CreditWatch with positive implications.
“The CreditWatch placement follows L Brands' update on its capital structure plans and financial policy for Bath & Body Works. L Brands recently announced the approval of its proposed separation of the Victoria's Secret business into an independent, publicly traded company, and the name change from L Brands Inc. to Bath & Body Works Inc.,” S&P said in a press release.
L Brands plans to slice debt by up to $500 million as part of the go-forward capital structure for the stand-alone Bath & Body Works business and target an adjusted debt to EBITDAR leverage ratio in the mid-2x area.
The agency said it aims to resolve the CreditWatch following a review of Bath & Body Works' operating prospects as well as the final capital structure and financial policy.
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