...Newell Brands Inc's Issuer Default Rating (IDR) to `BB+' from `BB' reflects Fitch Ratings' expectation that EBITDA will stabilize at $1.3 billion¡$1.4 billion beginning in 2021, similar to 2019¡2020 levels. Fitch expects gross debt/EBITDA will trend toward the mid-3x range in 2021 from 4.4x in 2019 on continued debt reduction. Increased confidence in Newell's ability to sustain low-single-digit organic sales growth and EBITDA growth of at least low single digits to $1.5 billion, along with continued debt reduction, given the company's reduced net debt/EBITDA target of 2.5x, could lead to a ratings upgrade. Risks to ratings include sustained weakness in core sales growth and EBITDA margin pressure given the gross margin challenges in several categories, investments required to support its brands and potential disruption and costs related to its new supply chain initiatives....
