S&P ups Unifi outlook to positive

Standard & Poor's said it revised its outlook on Unifi Inc. to positive from negative.

At the same time, the agency said that it affirmed the ratings, including the CCC+ corporate credit rating, on the company.

S&P noted that the outlook revision reflects Unifi's adequate liquidity position, modest quarterly EBITDA growth and credit measures that are stronger than medians in the CCC+ rating category.

The company had about $26 million in cash as of March 31 and an additional $16 million in restricted cash, the agency said, adding that the ratings on Unifi reflect the company's narrow business focus, the highly competitive conditions in its markets and the fundamental changes in the way the textile industry operates.

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