S&P: Renfro view positive

Standard & Poor's said it revised its outlook on Renfro Corp. to positive from negative and affirmed its B- corporate rating, along with its B- rating on its senior secured credit facility with a recovery rating of 4, which indicates an expectation of 30% to 50% recovery in the event of default.

The outlook revision is due to the company's positive operating performance, improved credit metrics and adequate covenant cushion levels, S&P said.

The ratings also reflect the company's participation in the highly competitive apparel manufacturing industry, its narrow product portfolio in a commodity-like product and customer concentration, the agency said.

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