Moody's upgrades Men's Wearhouse's

Moody's Investors Service said it upgraded the Men's Wearhouse, LLC's ratings, including the corporate family rating to B1 from Caa1, the probability of default rating to B1-PD from Caa1-PD, and the senior secured takeback term loan due 2025 to B1 from Caa1.

The agency withdrew the ratings on the company's senior secured term loans, priority due 2025 because they were recently repaid in full. The outlook was changed to stable from positive.

"The upgrades reflect the substantial improvement in Men's Wearhouse's operating performance, credit metrics and liquidity since the company exited Chapter 11 bankruptcy in December 2020," stated Mike Zuccaro, a Moody's vice president, in a press release.

"We expect the company to maintain solid credit metrics and very good liquidity over the next 12-18 months despite the very challenging environment," Zuccaro added.

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