...The `BB+' rating reflects L Brands, Inc.'s position as a strong operator of two leading brands, proven track record of driving growth despite challenges in the broader retail space and a shareholder-friendly posture. L Brands has displayed strong customer loyalty and the ability to introduce compelling, unique merchandise despite challenges across the mid-tier mall retail space. While near-term performance has been affected by recent category eliminations and general mall-based retail traffic challenges, Fitch Ratings believes the company's top-line should begin to stabilize as it laps declines from exited categories and recent strategic changes take hold....
