The ratings agency affirmed the German footwear maker’s long-term issuer default rating at BB+, with a stable outlook, citing Birkenstock’s strong operating performance and strong cash flow after the announced debt-funded share buyback. Fitch expects the company’s EBITDA gross leverage to rise to 2.1x in FY 26, slightly above the negative sensitivity, driven by its planned share buyback of around €470 million, partly funded by the new €900 million debt, in addition to the $250 million SBB announced in May. ... Log in to view full article.