S&P ups Phillips-Van Heusen to investment grade

Standard & Poor's said it raised its corporate credit rating on Phillips-Van Heusen Corp. to BBB- from BB+.

At the same time, the agency said it raised the senior secured debt rating to BBB- from BB+, adding that the senior unsecured rating was raised to BB+ from BB, remaining one notch below the corporate credit rating because of its junior position relative to the amount of secured debt in the capital structure.

The upgrade reflects the improving trends in Phillips-Van Heusen's operating performance and credit protection measures and our expectation that this positive momentum will continue, S&P noted.

According to the agency, the ratings on Phillips-Van Heusen reflect the company's dominant market position in the men's dress shirt market, its portfolio of well-known brand names and a diversified base of distribution.

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