S&P rates Levi's notes CCC

Standard & Poor's said it assigned its CCC unsecured debt rating to Levi Strauss & Co.'s proposed $375 million senior notes due 2015.

Proceeds from the notes will be used to refinance $375 million of the company's 7.0% notes due Nov. 1, 2006.

At the same time, S&P affirmed its ratings on the company, including its CCC long-term corporate credit rating. The outlook is negative.

S&P said the ratings on Levi Strauss reflect its highly leveraged financial profile and its participation in the very competitive denim and casual pants market.

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