Moody’s assigns Abercrombie notes Ba2

Moody’s Investors Service said it assigned a Ba2 rating to Abercrombie & Fitch Management Co.’s proposed $300 million of five-year senior secured notes.

Proceeds will be used to repay the $233 million outstanding term loan due August 2021 and reduce revolver borrowings.

Concurrently, Moody’s said it affirmed the company’s Ba3 corporate family rating and Ba3-PD probability of default rating. The speculative-grade liquidity rating remains SGL-1 and the outlook is negative.

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