Moody’s Investors Service has upgraded Hanesbrands Inc.’s corporate family credit rating a single notch to the highest non-investment grade.
Moody’s said Tuesday that the corporate family rating has been raised to “Ba1” from “Ba2” based on “improved operating margins resulting from a combination of lower overall production costs and a modest increase in revenues.” Scott Tuhy, vice president and senior credit officer of Moody’s corporate finance group, noted that the current debt-to-EBITDA ratio of 3.2 and interest coverage of 4.7 times are the strongest since the 2006 spin-off of the company from its former parent, Sara Lee Corp.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)