S&P upgrades Luxottica rating to 'A-'

MILAN Mon Jan 20, 2014 12:16pm EST

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MILAN Jan 20 (Reuters) - Standard & Poor's said on Monday it had raised its rating on Italy's Luxottica to 'A-' from 'BBB+', with a stable outlook, highlighting the Ray Ban sunglasses maker's leadership in the "profitable and fast-growing" eyewear industry.

The ratings agency said Luxottica, which makes glasses under licence for Armani and Chanel as well as providing eyewear to the U.S. armed forces through its Oakley brand, operates with "modest" financial risk and "strong" business risk.

The strength of Luxottica's own brands, which make up for a substantial part of group sales, as well as its "solid" portfolio of licences, and wide price range for its products, support the group's strong competitive position, it said. (Reporting by Isla Binnie, editing by Danilo Masoni)