S&P revises Energizer view to negative

S&P said it revised the outlook for Energizer Holdings Inc. to negative from stable.

“The outlook revision reflects the potential for a lower rating over the next 12 months if the company does not reduce adjusted leverage to below 5x. The company's operating performance for fiscal 2019 tracked below our expectations, including adjusted leverage pro forma post-Varta divestiture of around the mid-5x area compared to our previous expectation of around 5x. Despite the credit measure shortfall, we believe the company has stabilized the acquired businesses,” said S&P in a press release.

S&P affirmed Energizer’s BB- issuer credit rating. The agency also affirmed the BB+ issue-level rating on the senior secured debt and B+ issue-level rating on the senior unsecured notes. The recovery ratings on this debt remain 1 and 5, respectively.

© 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.