...- On June 7, 2024, we placed our 'B+' ratings on Italy-based luxury footwear company Golden Goose SpA and its debt on CreditWatch with positive implications in view of the company's planned IPO, announced May 30, 2024. - The company suspended the IPO process on June 18, 2024, in light of unfavorable market conditions; we understand the IPO has not been cancelled, but we have no visibility on when or if it will be finalized. - We have therefore affirmed our 'B+' ratings on Golden Goose and its 480 million first-lien senior secured notes due in 2027 and removed them from CreditWatch positive. - The stable outlook reflects our expectation that Golden Goose will continue to generate solid revenue growth outperforming its addressable market, with adjusted EBITDA margins of 32%-34% in 2024, adjusted debt-to-EBITDA ratios of 3.0x-3.5x, and free operating cash flow (FOCF) after leases of 40 million-60 million over 2024 and 2025, enabling the company to self-fund its expansion strategy....
