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Fitch upgrades Levi Strauss
Fitch Ratings said it upgraded the issuer default rating on Levi Strauss & Co. to BB from BB-, along with the ratings on its secured bank credit facility to BBB- with recovery rating of RR1 from BB+ with recovery rating of RR1 and senior unsecured notes to BB with recovery rating of RR4 from BB- with recovery rating of RR4.
The outlook is positive.
The upgrade reflects Levi’s continued EBITDA growth and an increased comfort in the company’s ability to drive low- to mid-single digit EBITDA growth over the next 24- to 36-months, Fitch said.
The agency said it expects leverage to remain in the mid-3x range over the next three years, assuming flat debt levels.
The ratings continue to reflect Levi’s well-known brands, strong market shares and wide geographic diversity, Fitch added, as well as lackluster growth in the mid-tier apparel space.
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