Moody's ups Renfro

Moody's Investors Service said it upgraded Renfro Corp.'s corporate family rating to B2 from B3 and its probability of default rating to B2 from Caa1.

The B2 rating on the company's senior secured term loan was affirmed, the agency said.

The outlook is stable.

According to Moody's, the upgrade reflects Renfro's improved profitability and free cash flow as a result of the its continued focus on cost control and working capital management.

These initiatives have resulted in improved credit metrics despite a challenging retail environment, and the stable outlook considers Moody's view that Renfro will be able to sustain its current level of operating performance and maintain credit metrics consistent with the higher rating, the agency said.

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