By  on May 20, 2014

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.

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