...March 29, 2022 - Luxembourg¡based Samsonite International S.A. reported continued improvement in its operating performance through fiscal year 2021. Specifically, the company continued to benefit from its aggressive cost-cutting initiatives, capital expenditure (capex) reductions, and working capital management, which enabled it to generate $358 million of positive free operating cash flow (FOCF) and exceed our previous expectations. - We raised our issuer credit rating on Samsonite to 'B+' from 'B', our issue-level rating on its senior secured debt to '##-' from 'B+', and our issue-level rating on its senior unsecured debt to 'B+' from 'B'. - We expect Samsonite will continue to improve its credit metrics because the demand for domestic travel remains positive and government restrictions on international travel are easing. - The positive outlook reflects that we could raise our ratings on the company over the next 12 months if it sustains its current credit metrics while navigating the...
