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S&P turns ACCO view to stable
S&P said it changed ACCO Brands Corp.’s outlook to stable from negative and affirmed the BB- ratings on the company and its senior unsecured debt. The recovery rating remains 4, indicating an expectation of average (30%-50%; rounded estimate: 30%) recovery in default.
“We revised the outlook to stable due to improvement in operating performance and an expected reduction in leverage. During the third quarter ended Sept. 30, 2021, ACCO's net sales grew 18.6% (comparable sales grew 4.3%) due to the acquisition of PowerA and recovery in its school and commercial businesses,” S&P said in a press release.
In the fourth quarter of 2020 leverage stood at 5.3x and S&P said it sees it declining to 4.5x-5x for fiscal 2021 and 4x-4.5x for fiscal 2022.
The agency said it expects demand for ACCO’s products to continue growing and pricing mostly offsetting inflation.
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