The ratings agency cited ongoing operational headwinds and pressured margins through fiscal 2023 in downgrading its outlook for Fanatics Holding Inc.’s from stable to negative, while maintaining its BB- issuer credit rating. The firm expects FHI’s adjusted debt-to-EBIDTA to remain around the mid-6X range through the balance of ‘23 on weaker profitability and strategic investments, before improving to 4X and below next year. The metric ballooned to over 7X at the close of H1 on depressed earnings and about $440 million in revolver borrowings, S&P said. The report notes that while ... Log in to view full article.