Luxembourg–based Samsonite International S.A.'s credit metrics continue to strengthen as global travel demand remains strong and it successfully executes on its cost-management initiatives. S&P Global Ratings-adjusted debt to EBITDA has declined to below 2x this year, supported by improved EBITDA margins and lower adjusted debt. Therefore, we raised our issuer credit rating on Samsonite to 'BB+' from 'BB'. We also raised our issue-level rating on its senior secured debt to 'BBB-' from 'BB+' and our rating on its senior unsecured debt to 'BB+' from 'BB'. The stable outlook reflects our expectation that Samsonite will maintain S&P Global Ratings-adjusted EBITDA margin near current levels while expanding revenue resulting in adjusted leverage of under 2x over the next 12 months. Samsonite's products
