S&P downgrades ACCO Brands

S&P said it downgraded ACCO Brands Corp. and its senior unsecured debt to BB- from BB. The recovery rating is unchanged at 4.

“The downgrade reflects our expectation that leverage will peak around 5x in fiscal 2020 due to the impact of office closures globally stemming from the spread of the coronavirus. If a recovery occurs in 2021, then we anticipate leverage to improve to the mid-4x area by the second half of 2021,” said S&P in a press release.

The outlook is negative.

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