S&P ups Hanesbrands ratings on improving results
NEW YORK --Credit-ratings agency Standard & Poor's Ratings Service on Monday raised ratings on apparel maker Hanesbrands Inc. to reflect positive operating momentum since the company's 2006 spinoff from food maker Sara Lee Corp.
S&P raised its corporate credit rating on the Winston-Salem, N.C.-based company one notch to "BB-" from "B+." A "BB-" rating is a junk-bond rating three notches below investment grade status.
S&P also raised Hanesbrands' bank loan and unsecured debt ratings and left its existing recovery ratings on the company unchanged.
S&P said credit protection measures and operating results have improved since the spinoff and are in line with expectations.
Shares fell 66 cents to $34.89 during midday trading. 