Moody's ups Elizabeth Arden

Moody's Investors Service said it upgraded Elizabeth Arden Inc.'s speculative grade liquidity rating to SGL-2 from SGL-3. Moody's also affirmed the company's existing Ba3 corporate family and probability of default ratings.

The outlook remains stable.

"Arden's improved liquidity profile reflects its strong operating performance, healthy cash balances, full access to a committed asset-based revolving credit facility, and lack of near-term maturities until March 2021," Moody's senior vice president Janice Hofferber said in a news release.

"Over the next 12 months, we expect Arden to sustain its strong organic sales growth in a range of 4-5% while continuing to improve operating profit margins and generate free cash flow," Hofferber added in the release.

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