...Gibson Brands, Inc.'s (Gibson, B3 stable) credit profile reflects the company's strong brand awareness and competitive position within the niche guitar market and reputation for quality guitars, product innovation, geographic diversification and omnichannel distribution network. Gibson's customer base consists of music enthusiasts and professional artists who are loyal and show demand resilience through economic cycles. However, we believe that customers could defer higher-priced purchases should the state of the consumer weaken. The credit profile is constrained by demand risk given the discretionary nature of musical instrument products whose demand is highly sensitive to consumer spending, inflationary pressures, and economic slowdowns. High, but improving leverage, small scale with annual revenue of approximately $430 million, a narrow product portfolio and consumer concentration also elevate credit risk. Gibson is improving profitability in fiscal 2024 following a challenging 2023...