S&P gives L Brands notes BB+

S&P said it assigned a BB+ issue-level rating to L Brands Inc.'s proposed $500 million senior unsecured notes due 2028.

The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default.

The outlook is stable.

L Brands intends to use the net proceeds from the proposed notes along with cash on hand to redeem the 8½% senior unsecured notes due 2019.

The agency said the proposed transaction is leverage neutral and therefore does not change the company's credit metrics.

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