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Moody’s applies Ba1 to L Brands notes
Moody's Investors Service said it assigned a Ba1 rating to L Brands, Inc.'s proposed offering of $400 million senior unsecured guaranteed notes.
The Ba1 rating on the company's existing senior unsecured guaranteed notes and Ba2 rating on its existing senior unsecured unguaranteed notes are unchanged.
The outlook remains stable.
L Brands intends to use proceeds for general corporate purposes including share repurchases.
The agency said it believes the Ba1 rating category will comfortably absorb the expected increase in leverage to around 2.7 times from 2.5 times (Moody's adjusted debt to EBITDA as of Aug. 1, 2015) as a result of the proposed note offering.
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