...The ratings reflect Levi Strauss & Co.'s strong brand, market share and operating initiatives, which should collectively drive low to midsingle-digit annual EBITDA growth over the next 24¡36 months. Fitch Ratings expects leverage to trend in the low- to mid-3x range (3.4x on a LTM basis as of 3Q17) over the next 24¡36 months, assuming flat debt levels. The ratings also recognize the secular challenges in the mid-tier apparel industry, mitigated somewhat by Levi's geographic diversity, minimal fashion exposure and presence across a wide spectrum of distribution channels. The Positive Outlook reflects the combination of Levi's improved top-line results and completion of its multiyear Global Productivity Initiative, which could result in Levi adopting a more articulated financial policy and increase Fitch's confidence in leverage sustaining near or below current levels....
