Moody's boosts Bath & Body Works

Moody's Investors Service said it boosted all ratings of Bath & Body Works, Inc., including its corporate family rating to Ba2 from Ba3 and its probability of default rating to Ba2-PD from Ba3-PD. The company's senior unsecured guaranteed notes were also upgraded to Ba2 from Ba3 and the senior unsecured unguaranteed notes to B1 from B2. The speculative grade liquidity rating remains SGL-1.

The agency also changed the outlook to positive from under review. This action concludes the review for upgrade started on June 21.

“The upgrade reflects governance considerations including the completion of the spinoff of Victoria's Secret into a publicly traded entity, Victoria Secret & Co. (VS Ba3 stable) as well as BBW's balanced financial strategies,” Moody’ said in a press release.

The new outlook reflects the company’s consistent performance and operating margins through varying economic conditions, the agency said.

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