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Prospect News home > News index > List of issuers L > Headlines for Levi Strauss & Co. > News item |
Fitch gives Levi Strauss notes BB-
Fitch Ratings said it assigned a rating of BB-/RR3 to Levi Strauss & Co.'s proposed $140 million private placement of 6 7/8% senior notes due 2022.
Levi's issuer default rating is B+ and the outlook is stable.
Fitch said the ratings reflect Levi's well-known brands, strong market shares and wide geographic diversity, balanced against soft but improving operating trends and moderately high financial leverage.
The BB-/RR3 rating of the senior unsecured notes reflect a projected recovery of 50%-70% in a distressed scenario, based on an enterprise value (after administrative claims) of $1.6 billion, the agency added.
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