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S&P lowers Mattel, debt to BBB-
S&P said it lowered the corporate credit rating on Mattel Inc. to BBB- from BBB and removed it from CreditWatch, where it was placed with negative implications on June 15.
The outlook is negative.
At the same time, the agency downgraded the issue-level rating on the company's senior unsecured debt to BBB- from BBB and commercial paper rating to A-3 from A-2, in line with the one-notch downgrade of the company, and also removed them from CreditWatch.
S&P said the downgrade reflects incremental risk in Mattel's business operations related to the uncertainty in execution and duration of the company's current turnaround plan, and the belief that over the next two years it is unlikely Mattel can improve EBITDA and cash flow generation sufficiently to reduce leverage below the revised 2.75 times threshold for the previous rating.
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