S&P ups Mattel to investment grade

S&P said it raised its ratings on Mattel Inc. and its unsecured notes with subsidiary guarantees to BBB- from BB+. The agency also hiked its notes without subsidiary guarantees to BBB- from BB-.

“Global toy manufacturer Mattel Inc. reported strong underlying fundamentals during an anticipated volatile but temporary retailer inventory correction in the first quarter, reporting market share gains in all three core product categories and mid-single digit point-of-sale (POS) growth across all categories, outpacing the toy industry. We are increasingly confident that Mattel's recovery over the past few years is largely sustainable,” S&P said in a statement.

The outlook is positive.

© 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.