...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 following accelerated growth in 2018. Fitch Ratings expects adjusted debt/EBITDAR (on a lease-adjusted basis) to trend in the low to mid-3x range (3.4x in fiscal 2018) 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....
