S&P lifts Elizabeth Arden view to positive

Standard & Poor's said it revised the outlook on Elizabeth Arden Inc. to positive from stable, and affirmed the B+ corporate credit rating on the company.

The agency also said it raised the rating on its senior unsecured notes due 2021 to B+ from B, driven by increased EBITDA levels with the recovery rating raised to 4, indicating 30% to 50% recovery in a default, from 5.

The ratings reflect the company's good operating performance over the past year, resulting in improved credit metrics, S&P said.

The ratings also incorporate an assessment of the company's business profile, which is characterized as weak based on its sales concentration in the highly competitive fragrance category, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.