Fitch rates L Brands notes BB+/RR4

Fitch Ratings said it assigned a BB+/RR4 rating to L Brands, Inc.'s $700 million issue of senior guaranteed notes due 2027.

Proceeds will be used to conduct an exchange for a portion of the aggregate $1.4 billion senior unsecured notes due 2020, 2021 and 2022.

Fitch said the BB+ rating reflects L Brands' long-term track record as a strong operator of two leading brands, driving growth despite challenges in the broader retail space balanced with a shareholder-friendly posture.

L Brands has historically achieved strong customer loyalty and an ability to introduce compelling, unique merchandise in the lackluster mid-tier mall retail space, the agency added.

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