U.S.-based LSF9 Atlantis Holdings LLC (Victra) faces challenging operating conditions as consumer discretionary spending on phone upgrades and accessories continues to weaken. We expect revenue and profitability to be weaker than our previous base-case assumptions, including low-single-digit sales growth and S&P Global Ratings'-adjusted leverage in the high-4x relative to our previous expectation in the low-4x area for fiscal-year 2024. Therefore, we revised the outlook on Victra to stable from positive and affirmed our 'B' issuer credit rating on the company and 'B' issue-level rating on its senior secured debt. The stable outlook reflects our view that although sales and profitability will likely remain pressured amid a challenging operating environment, we forecast Victra will sustain S&P Global Ratings'-adjusted leverage in the
