S&P raises Reebok ratings

Standard & Poor's said it raised its corporate credit and senior unsecured debt ratings on athletic footwear maker Reebok International Ltd. to BBB from BBB-. The ratings are removed from CreditWatch, where they were placed Oct. 24, 2003.

The outlook is stable.

S&P said the upgrade reflects Reebok's improved financial profile and S&P's belief that management will maintain financial policies and credit protection measures consistent with its new rating.

The ratings on Reebok reflect its well-recognized brand name, improved product portfolio, and good cash flows and liquidity position, S&P noted. These factors are somewhat offset by the high degree of fashion risk in the athletic footwear market and significant competition in Reebok's core segments.

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