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S&P rates Levi Strauss loan B
Standard & Poor's said it assigned its B rating to Levi Strauss & Co.'s proposed $325 million senior unsecured term loan due 2014. Proceeds will be used to retire or fully call the existing $380 million floating rate notes due April 2012. The rating is subject to final documentation. The agency also raised raised all of its ratings by one notch, including its long-term corporate credit rating to B from B-.
The outlook is positive.
The upgrade incorporates the company's continued improved operating performance and enhanced liquidity profile, the agency said, and its increased financial flexibility from its proposed refinancing.
The ratings reflect the company's leveraged financial profile and participation in the intensely competitive denim and casual pants market, S&P said. They also incorporate the inherent fashion risk in the apparel industry and , the agency said, company-specific rating concerns, including management's ability to fully turn around the company, revitalize its brands and sustain its revenue base.
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