Bulletin: Samsonite International S.A. Investor Raises Accounting Questions; No Immediate Ratings Impact

SAN FRANCISCO (S&P Global Ratings) May 24, 2018--S&P Global Ratings said today its ratings on Samsonite International S.A. are not currently affected by allegations against the company by an activist investor of accounting irregularities and poor governance practices. We will monitor the situation, specifically relating to the company's acquisition, inventory, and accounts payable accounting methods, as well as related party transactions, internal controls, and management and governance practices. We could place the ratings on CreditWatch with negative implications or lower the ratings if there are negative findings that could weaken the company's operating results or diminish our view of management's accounting or governance methods. Alternatively, we could maintain the ratings if none of these allegations are deemed true.

...SAN FRANCISCO (S&P Global Ratings) May 24, 2018--S&P Global Ratings said today its ratings on Samsonite International S.A. are not currently affected by allegations against the company by an activist investor of accounting irregularities and poor governance practices. We will monitor the situation, specifically relating to the company's acquisition, inventory, and accounts payable accounting methods, as well as related party transactions, internal controls, and management and governance practices. We could place the ratings on CreditWatch with negative implications or lower the ratings if there are negative findings that could weaken the company's operating results or diminish our view of management's accounting or governance methods. Alternatively, we could maintain the ratings if none of these allegations are deemed true. Only a rating committee may determine a rating action and this report does not constitute a rating action....

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