Participation in highly fragmented and competitive kitchenware industry; Leading market shares with well-known brands in respective product categories; and Highly exposed to consumer discretionary spending trends and evolving retail environment. Leverage to managed under 5x; Good operational cash flow but minimal free operating cash flow (FOCF) generation due to elevated capital expenditures (capex) in 2018; and Majority ownership by financial sponsor. S&P Global Ratings' stable outlook on Corelle Brands Holdings Inc. reflects our expectation for the company to manage leverage under 5x over the next 12 months, as we expect the company to curtail EBITDA decline and begin improving profitability towards the end of 2018. We also expect the sponsor to maintain their relatively conservative financial policies to support leverage
