Moody's upgrades Totes Isotoner

Moody's Investors Service said it upgraded Totes Isotoner Corp.'s corporate family rating and first-lien secured term loan to B3 from Caa1.

The outlook was revised to stable from negative.

The upgrade reflects Totes' improved operating performance and credit metrics stemming from modest revenue growth, reduced operating expenses and material debt reduction from both excess cash flow and a moderate capital structure change that occurred in April 2009, Moody's said.

The company's liquidity has improved as a result, the agency said, and is expected to remain adequate over the next 12 months.

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