Moody's upgrades Saks

Moody's Investors Service said it upgraded Saks Inc.'s ratings, including its corporate family rating, to Ba2 from Ba3.

The outlook remains stable.

Moody's said the upgrade acknowledges Saks' ongoing debt reduction and Moody's belief that debt levels will be further reduced by its fiscal year end.

In addition, the upgrade reflects Moody's opinion that Saks' current level of operating income is sustainable, thus Moody's anticipates Saks' credit metrics to continue to improve as a result of reduced debt levels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.