Blue Ribbon Intermediate Holdings LLC Outlook Revised To Negative From Stable; Ratings Affirmed

U.S.-based Blue Ribbon Intermediate Holdings LLC's fiscal year-end 2016 adjusted EBITDA declined roughly 34% year–over-year, primarily driven by significantly lower-than-expected volumes within its craft segment and higher marketing and selling expenses. While a recent restructuring plan that management announced in late 2016 should improve the company's EBITDA in 2017, we expect weakness within its craft segment to persist, causing debt to EBITDA to remain well above our previous forecast. We are revising our outlook on Blue Ribbon to negative from stable, reflecting the risk the company may not reduce and sustain debt to EBITDA below 8x in the next 12 months. We are affirming all of our ratings on Blue Ribbon, including the 'B' corporate credit rating. NEW YORK (S&P

...+ U.S.-based Blue Ribbon Intermediate Holdings LLC's fiscal year-end 2016 adjusted EBITDA declined roughly 34% year¡over-year, primarily driven by significantly lower-than-expected volumes within its craft segment and higher marketing and selling expenses. + While a recent restructuring plan that management announced in late 2016 should improve the company's EBITDA in 2017, we expect weakness within its craft segment to persist, causing debt to EBITDA to remain well above our previous forecast. + We are revising our outlook on Blue Ribbon to negative from stable, reflecting the risk the company may not reduce and sustain debt to EBITDA below 8x in the next 12 months. We are affirming all of our ratings on Blue Ribbon, including the 'B' corporate credit rating. NEW YORK (S&P Global Ratings) June 26, 2017--S&P Global Ratings today revised its outlook on Blue Ribbon Intermediate Holdings LLC to negative from stable. We also affirmed our 'B' corporate credit rating as well as the 'B' issue-level...

Ratings Action