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Moody's boosts J. Crew
Moody's Investors Service said it upgraded J. Crew Operating Corp.'s debt ratings to Ba1 from Ba2, including its corporate family and probability of default ratings and the rating on the company's senior secured term loan due May 2013.
The outlook is stable.
The upgrades reflect the company's strong and consistent operating performance and cash flow generation that, when combined with conservative financial management and debt reduction, have led to solid improvement in the company's credit profile, despite the challenging economic environment, the agency added.
According to Moody's, J. Crew's Ba1 corporate family rating is supported by the company's solid merchandising skills as reflected by several years of strong sales growth, its credible market position in the highly fragmented specialty apparel retailing segment, strong EBITA margins relative to peers, low absolute debt levels and solid credit metrics.
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