...- Golden Goose's revenue and EBITDA increased materially in 2021 thanks to normalizing retail traffic and the company's continued expansion in the profitable direct-to-customer channel, with new store openings and an increase in online sales, supported by management's sound execution. - We believe Golden Goose is poised for steady growth on the back of its relationships with wholesale partners and continued investment in marketing and the online channel, alongside supportive industry trends, including the apparel casualization trend. - We project S&P Global Ratings-adjusted debt leverage ratio will improve to nearly 4.5x in the next 12 months, from 5.1x in 2021, and solid annual free operating cash flow (before lease payment) of 35 million-40 million over 2022. - We therefore raised to 'B' from 'B-' our ratings on Golden Goose and on the company's 480 million senior secured notes. The '3' recovery rating on the debt remains unchanged, now with 55% recovery prospects. - The stable outlook...
