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Moody's may up Elizabeth Arden
Moody's Investors Service said it has taken several actions regarding its ratings on Elizabeth Arden Inc., including placing all ongoing long-term ratings on review for possible upgrade, upgrading the speculative grade liquidity rating to SGL-2 from SGL-3, and raising the senior unsecured issuer rating to B2 from B3.
Moody's also upgraded and subsequently will withdraw the senior unsecured note rating to B2 from B3 and lowered, and subsequently withdrew, the senior secured notes rating to B2 from B1.
Included in the review for possible upgrade is the B3 rated $225 million 7.75% senior subordinated notes due 2014.
Moody's said the rating changes reflect the resolution of specific rating review actions related to the company's debt refinancing earlier this year which simplified its capital structure. The review for possible upgrade is based on the improvement in the company's cash flow and liquidity profile, which has resulted from continued prudent operational and financial management, in combination with lower interest expense, and which is likely to support strong debt protection measures going forward.
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