Fitch lifts Samsonite International

Fitch Ratings said it upgraded the long-term issuer default ratings of Samsonite International SA and Samsonite IP Holdings Sarl to BB. The agency also raised their senior secured debt to BBB- from BB+ and Samsonite Finco Sarl’s €350 million of 3½% senior secured second-lien notes to BB- from B+.

“The upgrade reflects increased confidence around Samsonite's top line rebound, led by a continued strong recovery in global travel. This, alongside effective cost reductions and the company's progress on paying down pandemic-era debt, have increased Fitch's confidence that Samsonite will be able to sustain EBITDA in the low-$600 million range and EBITDAR leverage (capitalizing leases at 8x) in the low-4x range beginning in 2023, as appropriate for the BB rating,” the agency said in a press release.

The outlook is stable.

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