U.S.-based MillerKnoll Inc.'s profitability and credit metrics are tracking below our expectations mainly due to substantial input cost inflation and supply chain disruptions. We expect S&P Global Ratings-adjusted leverage to increase to about 4.0x in fiscal 2022, improving to the high-2x area by the end of 2023 primarily as a result of price increases that recoup most of the input cost inflation realized in 2021. S&P Global Ratings revised its outlook on the office and residential furniture manufacturer to negative from stable. At the same time, we affirmed our 'BB+' issuer credit rating and 'BBB-' ratings on the senior secured debt. The recovery rating remains '2', indicating our expectations for substantial (70%-90%: rounded estimate 75%) recovery in the event of
