S&P lifts Ethan Allen to stable, debt to BB-

Standard & Poor's said it revised the outlook on Ethan Allen Interiors Inc. to stable from negative.

The agency also said it affirmed its B+ corporate credit rating.

S&P also said it upgraded the company's senior unsecured debt to BB- from B+ and revised the recovery rating to 2 from 3.

The 2 rating reflects 70% to 90% expected recovery in a default.

The affirmation and outlook revision reflect a belief that Ethan Allen will further improve its operating performance and credit measures as its business continues to recover from the economic downturn, S&P said.

Credit protection measures have shown substantial improvement in recent quarters, reflecting improved profitability and debt reduction, the agency said.

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