S&P: Express on positive watch

Standard & Poor's said it placed Express Inc.'s corporate credit rating of BB- on CreditWatch with positive implications.

The agency also said it placed the BB+ rating on its secured term loan and B+ rating on the $250 million senior notes on CreditWatch with positive implications.

The CreditWatch placement follows news that its board authorized the company to repay the outstanding balance of its $125 million secured term loan using cash on hand, S&P said.

The ratings also reflects an expectation that upon completion of the term loan repayment, the company's credit metrics will further improve due to its enhanced capital structure, the agency said.

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