Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers L > Headlines for Lifetime Brands Inc. > News item |
Moody's lifts Lifetime Brands
Moody's Investors Service said it raised Lifetime Brands, Inc.'s corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD, and senior secured term loan rating to B2 from B3 and the speculative grade liquidity is unchanged at SGL-2.
“The ratings upgrades reflect Lifetime Brands' improved credit metrics following very strong operating results and debt reduction over the past 18 months. Lifetime Brands reported very strong year-over-year revenue and management's adjusted EBITDA growth of 16.8% and 43.3% respectively for the nine months period ending Sept. 30, 2021, benefiting from continued high consumer demand for the company's kitchenware and home products as consumers continue to spend more time in the home,” Moody’s said in a press release.
Additionally, Lifetime Brands lowered its funded debt by around $50 million since 2019 using excess free cash flows. As a result, Lifetime's debt/EBITDA leverage declined to 3.4x for the last 12 months period ending Sept. 30, from around 4.8x at fiscal year-end Dec. 31, 2020. “The company expects to report year-over-year revenue and management's adjusted EBITDA growth in fiscal 2021 of around 14.5% and 16.5% respectively,” the agency said.
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.