Salt Lake City, Utah-based outdoor grill manufacturer Traeger Inc. is facing tariff headwinds on its imported grills and to a lesser extent accessories, which will likely weaken credit metrics, including EBITDA interest coverage possibly approaching 1.5x into the first half of 2026. The severity of the impact will depend on the effectiveness of its mitigation strategies, which include price increases, cost management, and changing its outsourced manufacturing suppliers over time. We revised the outlook to negative from stable and affirmed all ratings on Traeger, including our ?B-? issuer credit rating and issue-level rating on its first-lien secured debt. The recovery rating on the secured debt remains ?3?, indicating our expectations for meaningful (50%-70%; rounded estimate: 55%) recovery in the event
