Fitch boosts Dillard's

Fitch Ratings said it upgraded its long-term issuer default rating on Dillard's, Inc. to BB- from B, along with the rating on its $1.2 billion secured credit facility to BB+ from BB with a recovery rating of RR1 and the rating on its capital securities to B from B- with a recovery rating of RR1. Its senior unsecured notes were affirmed at BB-.

The outlook is stable.

The upgrades reflect Dillard's significant improvement in EBITDA, credit metrics and liquidity position in 2009, Fitch said.

Dillard's has generated negative comparable-store sales growth for most of the past nine years, the agency said, but those sales have recently turned positive.

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