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S&P lifts ACCO Brands view to positive
S&P said it affirmed its BB- corporate credit rating on ACCO Brands Corp. and revised the outlook to positive from stable.
S&P also affirmed its BB- issue-level rating on the company's $400 million senior unsecured notes maturing in 2024. The recovery rating on the notes is unchanged at 3, indicating expectations for a meaningful (50% to 70%, rounded estimate 50%) recovery in the event of a payment default.
The outlook revision to positive reflects the potential for a higher rating if ACCO successfully integrates the Esselte acquisition and reduces and sustains leverage below 3.5x, S&P said in a news release.
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