Moody’s rates Levi Strauss notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to Levi Strauss & Co.'s (LS&Co) proposed offering of up to $475 million notes due 2025.

Net proceeds are expected to be used, together with cash on hand and borrowings under its revolving credit facility to redeem Levi Strauss’ 7 5/8% notes due 2020 and other general corporate purposes.

There is no change to the Ba1 corporate family rating.

The outlook is stable.

"The proposed transaction will lengthen LS&Co's debt maturity profile and provide some interest savings," Moody's vice president Scott Tuhy said in a news release.

"The maturity lengthening and interest savings on LS&Co's debt although a positive, have a negligible impact on the company's credit metrics,"

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