Moody's views Lifetime Brands negatively

Moody's Investors Service said it changed Lifetime Brands, Inc.'s outlook to negative from stable.

"The outlook change to negative reflects Lifetime Brands' high financial leverage due to materially lower profitability in 2022 and currently challenging operating environment," stated Oliver Alcantara, a Moody's assistant vice president and analyst, in a press release.

"Weakening consumer demand and macro-economic conditions in the U.S. and Europe will make it difficult for the company to reduce its currently high leverage and improve free cash flow meaningfully over the next 12-18 months," added Alcantara.

Moody's concurrently affirmed Lifetime Brands' ratings including its B1 corporate family rating, B1-PD probability of default rating and the B2 rating on its senior secured term loan due 2025. The speculative grade liquidity rating is unchanged at SGL-2.

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