Fitch ups Mattel notes, cuts revolver

Fitch Ratings said it raised Mattel Inc.’s previously non-guaranteed unsecured notes to BB+/RR4 from BB/RR5 and downgraded its unsecured, previously secured, revolving credit facility to BB+/RR4 from BBB-/RR1.

The agency concurrently affirmed the issuer’s long-term issuer rating at BB+ and its previously guaranteed senior unsecured notes at BB+/RR4.

“The change in Mattel's instrument ratings reflects Mattel's transition to an unsecured capital structure following the recent triggering of fall-away provisions on its previously secured revolving credit facility and previously guaranteed unsecured bonds. Mattel's ratings reflect the company's strong portfolio of owned brands, which together with cost-cutting initiatives, has supported strong growth and significantly improved credit metrics,” Fitch said in a press release.

The outlook is positive.

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