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Moody's upgrades Lycra
Moody's Investors Service upgraded Eagle Intermediate Global Holding BV’s (the Lycra Co.) corporate family rating to Caa1 from Caa2.
At the same time, Moody's raised the Lycra Co.’s senior secured notes to Caa1 from Caa2, probability of default rating to Caa1-PD from Caa2-PD and speculative grade liquidity rating to SGL-3 from SGL-4.
"The rating upgrade reflects an improvement in the Lycra Co.'s earnings and liquidity profile, as well as a more supportive operating environment thanks to the improving demand from the textile industry. However, its credit rating remains constrained by its high debt leverage and weaker credit quality of its majority owner," said Jiming Zou, a Moody's vice president and lead analyst for the Lycra Co., in a press release.
The outlook remains stable.
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