Luxembourg-based Samsonite International S.A.'s business is dependent upon global travel and we believe that the continued global spread of the new coronavirus has led to heightened risks for its operating performance. For the 12 months ended Sept. 30, 2019, the company reported leverage of 3x, the same level as our maximum leverage ratio for the current rating, which provides it with a limited cushion to absorb any potential performance declines stemming from the virus' spread. We are placing all of of our ratings on Samsonite International S.A. and its subsidiaries on CreditWatch with negative implications. The CreditWatch placement indicates that we could lower or affirm our ratings on the company after we assess the potential impact of the new coronavirus
