Fitch lifts Levi Strauss

Fitch Ratings said it upgraded its ratings on Levi Strauss & Co., including its issuer default rating to B- from CCC, $1.8 billion senior unsecured debt to B from CCC+, $650 million asset-based loan to BB- from B and $500 million term loan at BB- from B.

The outlook is stable.

The upgrade reflects the progress the company has made in streamlining and rationalizing its operations and stabilizing its core product areas, which have resulted in improvement in the company's overall credit profile, Fitch noted.

The ratings also consider Levi's well known brand name, sales base diversity, and liquidity, offset by the heavy debt burden and the highly competitive nature of the denim and casual bottoms market, the agency added.

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