Phillips-Van Heusen Corporation announced that Standard & Poors Ratings Services upgraded its corporate credit rating and issuer ratings.
Phillips-Van Heusen's corporate credit rating was raised to BBB- from BB+, with a stable outlook. At the same time, the company's senior secured debt rating was raised to BBB- and its senior unsecured rating was raised to BB+ from BB.
Standard & Poors noted that the upgrade reflects the improving trends in the company's operating performance and credit measures and its positive momentum.
Separately, Phillips-Van Heusen Corporation also announced that it had entered into, on July 10, 2007, a Second Amended and Restated Revolving Credit Agreement with its lenders, which reduces its borrowing spreads and fees, increases its covenant flexibility and extends the maturity of the facility to 2012.
Phillips-Van Heusen Corporation
marketing@alchempro.com
