S&P upgrades Mattel

Standard & Poor's said it raised the long-term corporate credit rating and senior unsecured issue-level ratings on Mattel Inc. to BBB+ from BBB. The A-2 short-term rating on the company remains unchanged.

The outlook is stable.

The upgrade reflects a rebound in Mattel's operating performance following multiple product recalls a few years ago. The improved performance resulted in a meaningful improvement to credit measures that are sustainable and consistent with a higher corporate credit rating, S&P said.

The company's business risk profile reflects its strong portfolio of core brands, established license agreements with major entertainment properties and expansive geographic footprint, the agency said.

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