S&P alters Authentic Brands view to stable

S&P said it revised Authentic Brands Group LLC’s outlook to stable from negative.

The outlook reflects an expectation that improving demand and incremental contribution from acquisitions will support improved earnings, driving stronger credit metrics than previous forecasts when the pandemic began, the agency said.

S&P said it anticipates leverage to improve to below 5x over the next 12 months.

The agency also affirmed the B ratings on Authentic Brands, its $100 million senior secured revolver due 2024, the $1.6 billion senior secured term loan due 2024 and the $200 million incremental first-lien term loan maturing in September 2024. The 3 recovery ratings are unchanged, indicating meaningful (50%-70%; rounded recovery: 50%) recovery.

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