Moody's ups Reebok

Moody's Investors Service upgraded Reebok International Ltd.'s senior unsecured rating to Baa2 from Baa3 and the company's 6¾% senior unsecured notes due Sept. 15, 2005 to Baa2 from Baa3.

The outlook is stable.

Moody's said the rating upgrade reflects progress demonstrated by Reebok in lessening its concentration of sales in footwear products, its increased international sales and its consistent improvement in operating performance and debt metrics during the past few years.

As of March 31, Reebok's adjusted debt/EBITDAR was 2.6 times.

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