Fitch affirms Hasbro

Fitch Ratings said it affirmed Hasbro, Inc.'s long-term issuer default rating at BBB+, short-term issuer default rating at F2, commercial paper program at F2, revolving credit facility at BBB+ and senior notes at BBB+.

The outlook is stable.

Hasbro's ratings reflect the company's scale with $4 billion in revenues, leading position in the traditional toy industry, a broad portfolio of highly diverse brands and ample liquidity, the agency said.

Furthermore, Hasbro's low fixed-cost structure allows for significant sales leverage contributing to strong profitability and credit protection measures, the agency added.

These characteristics help mitigate industry risk factors of high seasonality, retailer concentration and fashion risk on Hasbro's operating earnings and cash flow, the agency noted.

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