S&P lifts Express

Standard & Poor's said it raised the corporate credit and bank loan ratings on Express LLC to B from B-. The bank loan recovery rating remains at 4.

The outlook is stable.

S&P said the upgrade reflects Express' progress in improving its operating performance and expectation that the company will at least maintain its credit metrics pro forma for a $293.5 million dividend.

Ratings reflect the company's participation in the highly competitive and volatile specialty apparel segment, inconsistent operating results for the past few years and high pro forma leverage, the agency said.

Pro forma total debt-to-EBITDA ratio expected to be almost 5 times.

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