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Moody’s rates L Brands notes Ba1
Moody's Investors Service said it assigned a Ba1 rating to L Brands, Inc.'s proposed offering of $700 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 to redeem its $700 million senior unsecured notes due July 2017.
The agency believes the company's proforma leverage will remain essentially unchanged at around 2.8 times.
Moody’s said the Ba1 corporate family rating is supported by L Brands' popular well recognized brand names which drive its strong profitability. The rating also acknowledges its very good liquidity and moderate leverage and interest coverage, with debt to EBITDA of around 2.8 times and EBITA to interest expense around 4.4 times pro forma the proposed notes offering.
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