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S&P revises SWF outlook to negative
S&P said it revised its outlook for SWF Holdings I Corp. to negative from stable and affirmed all its ratings on the company, including the CCC senior unsecured rating.
“The negative outlook reflects our expectation for credit metrics to deteriorate over the next 12 months due to the challenging macroeconomic environment. We believe Springs' sales and profitability will deteriorate over the next 12 months as weakening economic activity and sustained high inflation translates into eroding consumer confidence and lower demand for the company's products. We previously expected leverage to be sustained in the 8x area in 2022, but now believe its leverage could approach 10x,” the agency said in a press release.
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