Standard & Poor's Ratings Services has raised its corporate credit rating for apparel company Hanesbrands Inc.
Standard & Poor raised the rating to 'BB-', up from 'B+'.
The Winston-Salem-based Hanesbrands (NYSE: HBI) -- which makes intimate and activewear apparel and is behind brands such as Champion, Bali and Wonderbra -- spun off from Sara Lee Corp. in 2006. S&P said the company's rating upgrade reflects its positive operating momentum since that spin-off and its modest improvement of credit protection measures. It also said the company's investment in key brands, strategies and cost-savings steps are in line with expectations.
As of March 29, Hanesbrands' total outstanding debt was $2.3 billion.
