U.S.-based sock manufacturer Renfro Corp. has steadily improved its credit metrics and covenant cushion levels over the past year. We are raising our corporate credit and issue-level ratings on the company to 'B' from 'B-'. Our rating outlook is stable, reflecting our expectation the company will be able to maintain credit metrics in line with its rating category despite potential margin pressure from increasing cotton costs over the near term. NEW YORK (Standard&Poor's) Oct. 6, 2010--Standard&Poor's Ratings Services said today that it raised its corporate credit rating on Mount Airy, N.C.-based Renfro Corp. to 'B' from 'B-'. The outlook is stable. In addition, we raised our issue-level rating on Renfro's senior secured credit facility to 'B'
