Fitch upgrades Signet

Fitch Ratings said it upgraded Signet Jewelers Ltd.'s and Signet Group Ltd.'s ratings, including their long-term issuer default ratings from B to BB.

The outlook is stable.

“The upgrade reflects Signet's improving operating trajectory through topline and expense management initiatives,” the agency said in a news release.

“Fitch expects stable revenue and EBITDA beginning 2022 of around mid-$6 billion and mid-$500 million, respectively, relative to pre-pandemic levels of $6.1 billion and $504 million.

“These expectations, alongside management's evolving financial policy favoring debt reduction, has improved Fitch's confidence in the company's ability to sustain adjusted leverage below 4.5x.”

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