Luxembourg–based Samsonite International S.A.'s sales recovered further through the first half of fiscal 2022, and we see modest continued global travel upside that would improve performance through 2023. We raised our issuer credit rating on Samsonite to 'BB-' from 'B+', reflecting our forecast for deleveraging toward 3x in fiscal 2022 from an elevated 6.4x in 2021. We also raised our issue-level rating on its senior secured debt to 'BB' from 'BB-' and our rating on its senior unsecured debt to 'BB-' from 'B+'. The positive outlook reflects that we could raise our ratings on the company over the next 12 months if its top-line recovery trend continues and it preserves margin gains from the past year, leading to our expectation
