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Moody's ups Polo Ralph Lauren
Moody's Investors Services said it upgraded Polo Ralph Lauren Corp.'s senior rating to A3 from Baa1, concluding the review for upgrade that started on Oct. 26.
The outlook is stable.
The upgrade reflects Polo's business profile, which has shown stronger than anticipated resilience during the global recession, evidenced by its ability to maintain consistently positive trends in revenues and earnings, Moody's said.
The rating reflects the strength of the company's brands, its successful investments in growth initiatives over the past several years, its solid execution, the broad distribution of the company's brands across multiple channels of distribution, a wide and expanding range of products and its increasingly significant international presence, Moody's said.
The rating is constrained by the company's concentration risk around the Polo Ralph Lauren brand and image as well as its still sizable reliance on the U.S. department store channel for a significant portion of sales, the agency said.
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