U.S.-based office and residential furniture manufacturer MillerKnoll Inc. reported weaker-than-expected third-quarter fiscal 2025 results and tempered its outlook for the remainder of fiscal 2025. This follows the recent shift in U.S. trade policy, which has led to high uncertainty and contributed to weaker industry conditions and order trends. We expect S&P Global Ratings-adjusted leverage will remain elevated in the high-3x area in fiscals 2025 and 2026 compared to our previous expectation of mid-3x, due to higher tariff-related costs as well as potential pressure on the top-line as businesses and consumers pull back on spending. We revised our outlook to negative from stable and affirmed our 'BB' issuer credit rating and 'BB+' issue-level ratings on the senior secured debt. The recovery
