... its position as the leading global supplier of compliant leaf tobacco products. The ratings are constrained by its EBITDA scale, low margins and secular declines in global tobacco consumption. The recent downgrade reflects expectations for sustained higher Fitch-adjusted leverage, with EBITDA leverage projected in the low-to-mid 3x range for fiscal 2027 and fiscal 2028 (ended March) before trending within 3x by fiscal 2029. Leverage rose in recent years due to acquisitions, significant working-capital usage, and lower-than-expected debt reduction. The inability to sustain EBITDA in the high-$200 million range while generating adequate positive FCF for debt reduction over the near to medium term could lead to negative ratings' momentum....
