Moody's: American Apparel notes Caa1

Moody's Investors Service said it assigned a Caa1 corporate family rating to American Apparel, Inc., and a Caa1 rating to the company's proposed $200 million senior secured notes.

Moody's also assigned a speculative grade liquidity rating of SGL-3.

The outlook is stable.

Proceeds from the proposed note offering, drawings under a proposed (unrated) $35 million asset based credit facility, and balance sheet cash, are intended to be used to refinance American Apparel's existing debt.

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