Fitch: Levi Strauss up to stable

Fitch Ratings said it affirmed the ratings on Levi Strauss & Co.'s $1.7 billion senior unsecured debt at CCC+, the $650 million asset-based loan at B+ and the $500 million term loan at B. The outlook has been revised to stable from negative.

Fitch said it expects to rate the company's proposed new $550 million senior notes offering CCC+. The proceeds from the issue will be used to repay the $380 million 11 5/8% senior unsecured notes due 2008 and the $151 million 11 5/8% senior notes due 2008.

Fitch said the outlook revision reflects the progress the company has made at improving its operating efficiencies, which have resulted in strengthened profitability and credit metrics.

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