S&P rates Hanesbrands B+, loans BB-, B-

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Hanesbrands Inc.

The outlook is stable.

At the same time, S&P said it assigned its BB- senior secured bank loan rating and 1 recovery rating to the company's $2.150 billion first-lien bank loan facilities while the $450 million second-lien loan facility was assigned a B- with a recovery rating of 4.

The agency added it assigned a B- senior unsecured debt rating to the company's proposed $500 million bridge loan facility.

According to S&P, the ratings reflect Hanesbrands' high leverage resulting from its all debt-financed dividend to Sara Lee, the commodity-like nature of some of its products, the highly competitive and promotional retail environment and its relatively narrow business focus.

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