Moody's may lower Samsonite

Moody's Investors Services said it placed Samsonite International SA's Ba2 corporate family rating, Ba2-PD probability of default rating and Ba1 senior secured revolving credit facility rating under review for downgrade.

The agency also said it placed the B1 unsecured note rating of Samsonite Finco Sarl's and the Ba1 term loan ratings of Samsonite IP Holdings Sarl's under review for downgrade.

The company's SGL-1 speculative grade liquidity rating was affirmed.

The actions follow news that the company's chief executive officer unexpectedly resigned, Moody's said.

The company replaced the CEO with chief financial officer Kyle Francis Gendreau, the agency explained.

The rating review will focus on the reasons for this senior management turnover, Moody's said, and what impact this will have upon Samsonite's strategic direction going forward.

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