...- Earnings growth and ongoing efficiency improvements should help Snacking Investments HoldCo Pty Ltd. (Arnott's) de-lever. We expect the ratio of S&P Global Ratings-adjusted debt to EBITDA to fall below 7.5x in fiscal 2024 (year-end July 31), before trending toward mid-6.0x by fiscal 2026. - Arnott's leading market position, strong brand equity, and product and geographic diversity will support its regional expansion and overall market shares in existing operations. This will fuel the company's earnings and free operating cash flow. - We affirmed our 'B' long-term issuer credit rating on Arnott's. At the same time, we affirmed our 'B' long-term issue ratings on the company's senior secured first-lien term loans (recovery rating: '3'). - The stable rating outlook reflects our view that Arnott's will achieve modest earnings growth over the next 12 months, with support from its longstanding market position and defendable core brands. This should enable the group to maintain its debt-to-EBITDA...
