S&P improves Conair to stable

S&P Global Ratings revised its outlook to stable from negative for Conair Holdings LLC.

The B- issuer credit rating was affirmed, as was the B- issue-level rating on a first-lien term loan.

The 3 recovery rating is unchanged.

The company outperformed expectations in 2023 supported by easing operating costs, as well as the realization of benefits from its cost-savings and stock-keeping unit rationalization initiatives.

The company improved its S&P Global Ratings-adjusted leverage to about 7.4x as of Dec. 31, 2023, from 10.3x as of the same date last year.

The agency expects a modest improvement in Conair’s profitability over the next 12 months, which will cause its S&P Global Ratings-adjusted leverage to decline to about 7x.

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