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Moody’s Investor Services upgraded its credit rating on Quiksilver Monday after the company reduced its debt by $140 million in its recent debt-for-equity swap.
Moody’s also took into consideration Quiksilver’s improved earnings, and cited the company’s more than 75% increase in operating income in the first half of the year.
Moody’s believes much of the earnings improvement is from higher gross margins as a result of better inventory control, and thinks the improvement is sustainable.
The upgrade moved Quiksilver from a B3 Corporate Family Rating to a B2.
Moody’s did note that the company is still highly leveraged and susceptible to the consumer spending slowdown, and is being impacted by weak sales at Roxy.