Samsonite International S.A. Upgraded To 'BB+' On Strengthening Credit Measures; Outlook Stable

Luxembourg-based Samsonite International S.A. has reduced its adjusted leverage to 3.1x through improvement in its profitability and debt repayment since acquiring Tumi Inc. in August 2016. Due to the company's strong cash flow generation, we expect the company to achieve and maintain debt leverage below 3x over during the next few years. As a result, we are raising our corporate credit rating on Samsonite to 'BB+' from 'BB' The company is also launching a refinancing transaction. We are assigning 'BBB-' rating to the group's proposed $2.145 billion senior secured credit facilities. The recovery rating is '1'. The stable outlook reflects our expectation that the company will generate consistent profitability and cash flows sufficient to maintain debt leverage below 3x and

... has reduced its adjusted leverage to 3.1x through improvement in its profitability and debt repayment since acquiring Tumi Inc. in August 2016. Due to the company's strong cash flow generation, we expect the company to achieve and maintain debt leverage below 3x over during the next few years. + As a result, we are raising our corporate credit rating on Samsonite to '##+' from '##' + The company is also launching a refinancing transaction. We are assigning '###-' rating to the group's proposed $2.145 billion senior secured credit facilities. The recovery rating is '1'. + The stable outlook reflects our expectation that the company will generate consistent profitability and cash flows sufficient to maintain debt leverage below 3x and abide by a financial policy consistent with maintaining these levels. SAN FRANCISCO (S&P Global Ratings) April 11, 2018--S&P Global Ratings today raised its corporate credit rating on Luxembourg based Samsonite...

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