...- U.S.-based video commerce and online retailer Qurate Retail, Inc. experienced volatile operating results in the first half of 2022, and we anticipate ongoing supply chain constraints and lower discretionary spending will weigh on the company's efforts to turn around operations. - We expect economic headwinds will pressure profitability this year, with free cash flow to debt remaining below 10% and leverage above our 4x downgrade threshold. - As a result of these factors, we lowered our issuer credit rating on Qurate to 'B+' from '##-'. The outlook is stable. We also lowered our issue-level rating on subsidiary QVC, Inc.'s secured debt to '##' from '##+'. The recovery ratings remain '1'. - The stable outlook reflects our view that, although sales and profitability will likely stay pressured over the next year amid the challenging operating environment, the company will sustain leverage below 5x with sufficient liquidity to address its near-term maturities as it benefits from management's...
