NEW YORK -- Moody's Investor Service upgraded Caldor's senior subordinated debentures to single-B1 from single B2 affecting $59.5 million in debt.

The rating firm said the action is based on consistent operating earnings, improved equity base and reduced leverage from two successful offerings since it went public again in 1991. However, Moody's added that the new rating continues to reflect the ongoing pressure on Caldor's margins that is as a result of increased competition and the limited opportunities for lowering operating expenses. Moody's also said Caldor will have to fund store remodeling and expansion.

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