Moody's: Levi's view down to stable

Moody's Investors Service said it affirmed Levi Strauss & Co.'s corporate family and probability of default ratings at B1, along with the senior unsecured notes at B2 (LGD 4, 66%).

The outlook was revised to stable from positive.

The outlook was revised due to expectations that the company's financial leverage will remain high for the near to intermediate term, Moody's said.

The company's operating margins have experienced erosion, primarily in its European business, and as it continues to invest in retail activities, the agency said.

The ratings reflect the company's high financial leverage and good market position in the highly competitive denim and casual slacks categories, Moody's said.

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