Moody's boosts Unifi

Moody's Investors Service said it upgraded Unifi Inc.'s corporate family rating and probability of default ratings to B3 from Caa1.

Concurrently, the rating on Unifi's 11.5% senior secured notes was upgraded to Caa1 from Caa2, the agency said.

The outlook is positive.

The ratings upgrade and positive outlook reflect Moody's expectation that Unifi's improved operating performance and credit metrics will be sustained, largely as a result of the ongoing stabilization of its North American end market, coupled with incremental growth opportunities in global growth markets, continued focus on improving efficiencies and sustainability, and growing the contribution from its higher-margin premier value-added products, the agency said.

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