Moody s Downgrades Limited Brands
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New York Moody's Investors Service downgraded two credit ratings for Limited Brands Inc. Friday after the company, which is the parent of Victoria's Secret, announced it would take on additional debt.
Moody's lowered Ohio-based Limited Brands' long-term senior unsecured rating to Baa3 from Baa2, and its short term commercial paper rating to Prime-3 from Prime-2.
The credit rating service said it expects the company's credit metrics to erode in light of plans to issue $1.25 billion in debt. Limited Brands said last week it would use the proceeds to repurchase its stock and fund the purchase of lingerie seller La Senza.
Limited also announced it would cut 530 jobs, or 10 percent of its work force, in an effort to transition from an apparel seller to a lingerie and beauty business. The company previously disclosed it is considering options for its Limited Stores chain, including selling the business.
Shares of Limited Brands Inc. fell 44 cents Friday to $27.48.
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