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S&P moves ACCO view to negative
S&P said it changed its outlook for ACCO Brands Corp. to negative from stable and affirmed its BB- issuer rating.
“The outlook revision to negative reflects ACCO's weaker-than-expected operating performance in the third quarter of fiscal 2022 and limited leverage headroom going into a weaker macroeconomic environment. The company reported a 7.8% year-over-year revenue contraction and 210 basis point (bp) EBITDA margin decline in the third quarter of fiscal 2022,” the agency said in a press release.
S&P said it now forecasts ACCO’s S&P Global Ratings-adjusted leverage will be about 4.5x for fiscal year 2022, compared from about 4x previously projected.
The negative outlook mirrors the potential for a downgrade within the next 12 months if leverage remains above 5x, S&P said.
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