S&P boosts Renfro

Standard & Poor's said it raised the corporate credit rating on Renfro Corp. to B from B- and on its senior secured credit facility to B from B-. The recovery rating is 4.

The outlook is stable.

The upgrade reflects continued positive operating performance, improved credit metrics and sufficient covenant cushion levels in excess of 30%, according to the agency.

With adequate liquidity and a strengthening of credit metrics, including adjusted leverage falling to 3.5x as of July 31 from 4.7x prior year, the agency said it views the company's aggressive financial risk profile supportive of a B rating.

S&P said it continues to assess the company's business risk profile as vulnerable, given its participation in the highly competitive apparel manufacturing industry, its narrow product focus in a commodity-like product and customer concentration.

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