Summary: SSH Holdings Inc. d/b/a Spencer Spirit

Highly seasonal business with concentration of sales around the Halloween season (more than 45% of sales comes from Halloween-focused Spirit); Limited pricing power due to the discretionary nature of the company's merchandise and the high fragmentation of the industry; and Exposure to declining mall traffic trends and risks of opening and closing a large amount of pop-up store within a few months every year. High amount of adjusted debt; and Decent cash flow protection measures. The stable outlook on SSH Holdings Inc. d/b/a Spencer Spirit incorporates our expectation that performance will remain relatively flat over the next year, with the company only modestly reducing debt with cash flow generation. Although we forecast some modest improvement in the company's credit protection

...(Editor's Note: The original version of this report's Ratings Score Snapshot misstated the Financial Risk, Cash Flow/Leverage, Anchor, and Comparable Rating Analysis scores. These misstatements had no impact on the rating. A corrected version follows.)...

Summary