Dillard's, Inc. -- Moody's upgrades Dillard's CFR to Ba1

New York, March 12, 2014 -- Moody's Investors Service today upgraded Dillard's, Inc ratings including its Corporate Family Rating to Ba1 and Probability of Default Rating to Ba1-PD. At the same time, Moody's assigned a Speculative Grade Liquidity rating at SGL-1 (very good). The rating outlook is stable. The upgrade acknowledges Dillard's ability to maintain its operating margin above 5.5% despite gross margin erosion in the fourth quarter. It also reflects Moody's belief that Dillard's ongoing disciplined inventory management which supports quickly clearing out excess inventory will support it maintaining operating margins around its current levels going forward. The upgrade also indicates that we expect Dillard's to maintain leverage around its current levels and to continue to maintain a modest level of debt.

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