S&P shifts ACCO outlook to stable

S&P said it revised its outlook for ACCO Brands Corp. to stable from negative and affirmed the BB- ratings on the company and its senior unsecured debt. The recovery rating on this debt remains 4, indicating average (30%-50%; rounded estimate: 30%) recovery in default.

ACCO reported improvements in profitability and cash flow through the third quarter of fiscal 2023, despite weaker-than-expected demand. S&P said it estimates the company will deleverage to about 4.1x for fiscal 2023, compared with 4.8x for fiscal 2022.

“The stable outlook reflects our expectation the company will sustain adjusted leverage below 5x over the next 12 months,” S&P said in a press release.

© 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.