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Moody’s ups Hot Topic, notes to B3
Moody's Investors Service said it upgraded Hot Topic, Inc.’s corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD and senior secured notes to B3 from Caa1.
The outlook is stable.
Moody’s said the upgrade reflects its view that the payment guarantee by Torrid Holding LLC of all obligations under Hot Topic's senior secured notes as well as the mandatory repayment provision in the December 2017 support and settlement agreement improve Hot Topic's credit profile.
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