Moody’s raises Fortune Brands

Moody’s Investors Service said it upgraded the senior unsecured notes of Fortune Brands Innovations Inc. to Baa2 from Baa3 and revised the outlook to stable from positive.

"The upgrade of Fortune Brands' ratings to Baa2 reflects our expectation of improvement in credit metrics by 2024, including margin growth and deleveraging, supported by a more streamlined operating structure and focus on cash generation," said Griselda Bisono, a Moody’s vice president and senior analyst, in a press release.

"The upgrade also recognizes the company's commitment to de-risking its business profile, as demonstrated by the spin-off of the more cyclical cabinets business in late 2022," Bisono added.

The outlook mirrors the view that Fortune Brands will keep improving costs across its operating platform and widen margins while preserving robust liquidity, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.