Moody's upgrades Claire's

Moody's Investors Service said it upgraded Claire's Stores, Inc.'s corporate family and probability of default ratings to Caa1 from Caa2.

At the same time, Moody's raised Claire's speculative grade liquidity rating to SGL-2 from SGL-3.

The outlook is stable.

Moody's said the upgrade of Claire's corporate family rating to Caa1 reflects its ability to address its substantial term loan maturity in 2014 by refinancing it with a $625 million add-on to its existing senior secured first-lien notes due 2019.

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