Moody’s ups Cole Haan, loan to B3

Moody's Investors Service said it upgraded Calceus Acquisition Inc.'s (Cole Haan LLC) corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD and senior secured first-lien term loan to B3 from Caa1.

The outlook is stable.

"The upgrade reflects Cole Haan's improved liquidity profile, with sufficient revolver availability even in peak revolver use periods and positive free cash flow generation driven by earnings growth and continued working capital management," Moody's analyst Raya Sokolyanska said in a news release.

"We expect the company to maintain solid metrics for the B3 rating category, including debt/EBITDA of about 5 times and EBIT/interest expense of low-1 time."

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