Moody's ups Sotheby's notes

Moody's Investors Service said it upgraded Sotheby's Holdings, Inc. senior unsecured notes to B1 from B2 and affirmed the corporate family rating of Ba3.

The outlook remains stable.

Moody's said the upgrade reflects the company's continued solid operating performance, the recent recapitalization, which eliminated uncertainty around its ownership, and the closing on its new $200 million senior secured revolving credit facility maturing in 2010, which extended its nearest term maturity.

The corporate family rating of Ba3 continues to reflect 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 the current management team's financially responsible behavior, the agency added.

© 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.