Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings ). S&P Global Ratings believes U.S.-based Lakeshore Learning Materials LLC's operating performance will weaken significantly, potentially causing its EBITDA to cash interest coverage to drop below 1.5x, in 2025 because of lower demand due to the expiration of federal programs for
