U.S.-based Corelle Brands Holdings Inc.'s operating performance will suffer due to retail closures, plant shutdowns, and sourcing disruptions because of the COVID-19 pandemic. We are lowering our issuer credit rating on Corelle to 'B' from 'B+' to reflect our view that leverage will increase and remain elevated through the next year, with lower profitability and reduced discretionary spending. We are lowering our senior secured first-lien issue-level rating to 'BB-' from 'BB'. The recovery rating remains '1', indicating our expectations for very high (90%-100%; rounded estimate: 90%) recovery in the event of a payment default. The negative outlook reflects the risk of a downgrade over the next 12 months. NEW YORK (S&P Global Ratings) April 21, 2020—S&P Global Ratings today took
