Moody's ups Sotheby's

Moody's Investors Service said it upgraded the long term debt ratings of Sotheby's Holdings Inc. with a stable outlook.

Moody's upgraded Sotheby's senior implied rating to Ba3 from B1, senior unsecured rating to B2 from B3 and senior unsecured shelf to prospective B2 from prospective B3.

Moody's said the upgrade reflects the company's strengthened liquidity, a moderation in the liabilities remaining from the department of justice investigation and strong operating performance.

The new rating level reflects Sotheby's strong brand name, its recognized expertise in an industry that has high barriers to entry and is dominated primarily by two players, as well as current management's financially responsible behavior, according to Moody's.

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