S&P upgrades Hasbro

S&P said it upgraded Hasbro Inc. and its senior unsecured notes to BBB from BBB-.

“The upgrade to BBB reflects our expectation that Hasbro will sustain net debt to adjusted EBITDA below 3x. Hasbro reported 23% adjusted EBITDA growth in 2021 as a result of continued robust demand for toys and games, strong growth in digital and tabletop gaming, and a recovery of its content production business. Robust EBITDA growth, alongside a capital allocation policy that prioritized debt repayment, reduced our measure of leverage to about 2.6x at the end of the year, below our 3x upgrade threshold,” the agency said in a press release.

S&P said it sees Hasbro’s EBITDA growing modestly in 2022 and lowering its net leverage to the mid-2x range or better.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.