Moody's upgrades J.Jill

Moody's Investors Service said it upgraded Jill Acquisition LLC's (J.Jill) ratings, including the corporate family rating to Caa1 from Caa2, probability of default rating to Caa1-PD from Caa2-PD and senior secured term loan rating to B3 from Caa1. The SGL-3 speculative grade liquidity rating remains unchanged, and the outlook remains stable.

The upgrades reflect improving liquidity and operating performance, driven by the recovery in apparel spending among J.Jill’s core demographic and margin expansion due to low inventory levels and very limited promotions across the industry.

"We expect continued recovery in the second half of 2021 to be supported by increased year-over-year store traffic and low discounting due to the company's focus on managing inventory levels, offset by rising input costs and supply chain bottlenecks," said Raya Sokolyanska, a Moody's vice president and senior analyst, in a press release.

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