Moody's upgrades Lycra

Moody's Investors Service upgraded Eagle Intermediate Global Holding BV’s (the Lycra Co.) corporate family rating to Caa1 from Caa2.

At the same time, Moody's raised the Lycra Co.’s senior secured notes to Caa1 from Caa2, probability of default rating to Caa1-PD from Caa2-PD and speculative grade liquidity rating to SGL-3 from SGL-4.

"The rating upgrade reflects an improvement in the Lycra Co.'s earnings and liquidity profile, as well as a more supportive operating environment thanks to the improving demand from the textile industry. However, its credit rating remains constrained by its high debt leverage and weaker credit quality of its majority owner," said Jiming Zou, a Moody's vice president and lead analyst for the Lycra Co., in a press release.

The outlook remains stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.