Moody's confirms William Carter

Moody's Investors Service said it confirmed William Carter Co. Inc.'s corporate family rating at Ba2, probability of default at Ba3 and senior secured credit facilities at Ba2 (LGD 2, 28%).

The confirmation concludes a downgrade review that began in November following news of problems with the company's financial reports.

The confirmation recognizes that Carter's has made significant progress toward remediating the deficiencies in its internal controls and subsequently restated prior consolidated financial statements, Moody's said.

The company is now current with all public filings and is in compliance with all covenants related to its senior secured bank credit facility, the agency said.

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