Moody's alters Abercrombie & Fitch view to positive

Moody's Investors Service said it changed Abercrombie & Fitch Management Co.’s outlook to positive from negative.

Concurrently, Moody's affirmed the company's ratings, including the Ba3 corporate family rating, the Ba3-PD probability of default rating and the Ba2 secured notes rating. The speculative-grade liquidity rating remains SGL-1.

“The change in outlook to positive from negative reflects the company's strong earnings recovery and reduction in lease obligations, which have lowered leverage below pre-pandemic levels. The affirmation of the ratings reflects Moody's expectation that credit metrics will remain solid even in a scenario of a moderation in operating performance from the currently very strong levels,” the agency said in a press release.

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