Samsonite International S.A. Upgraded To 'BB' On Sustained Performance Improvement And Deleveraging; Outlook Stable

Luxembourg–based Samsonite International S.A.'s sales significantly recovered in fiscal 2022, and we expect continued global travel recovery to support further performance improvement through 2023. 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 'BB+' 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, which will decrease S&P Global Ratings lease-adjusted leverage below 3x in 2023 and 2024 from 3x in 2022. NEW YORK (S&P Global Ratings) April 20, 2023—S&P Global Ratings today took the above rating actions. Still,

...April 20, 2023 - Luxembourg¡based Samsonite International S.A.'s sales significantly recovered in fiscal 2022, and we expect continued global travel recovery to support further performance improvement through 2023. - Therefore, we raised our issuer credit rating on Samsonite to '##' from '##-'. - We also raised our issue-level rating on its senior secured debt to '##+' from '##' and our rating on its senior unsecured debt to '##' from '##-'. - The stable outlook reflects our expectation that Samsonite will maintain S&P Global Ratings-adjusted EBITDA margin near current levels while expanding revenue, which will decrease S&P Global Ratings lease-adjusted leverage below 3x in 2023 and 2024 from 3x in 2022. NEW YORK (S&P Global Ratings) April 20, 2023--S&P Global Ratings today took the above rating actions. The upgrade reflects our expectation that increasing demand for travel will drive continued sales momentum and deleveraging this year. Samsonite reported net sales growth of 52% in fiscal...

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