...Gibson Brands, Inc.'s (Gibson; B2 stable) credit profile benefits from its well-recognized brands, diversified distribution channels, sizeable global market share and good operating performance. The company is navigating the pandemic well, especially strong demand for guitars, offset by the pressures on supply chain and higher costs in an inflationary environment. While leverage remains elevated as a result of debt funded dividend distribution during the third quarter of 2022 (ending 12/31/2021), we anticipate credit metrics to improve over the next 12-18 months. Moody's-adjusted debt/EBITDA was 5.9x and EBIT/interest expense was 2x as of the last twelve months ending December 31, 2021. We expect Gibson to maintain good liquidity, although free cash flow generation will be modest as the company rebuilds healthy inventory levels. The credit profile is constrained by the company's high leverage, small size in terms of revenue, customer concentration, aggressive financial policy and increased...