S&P Global raised the Italian luxury sneaker maker’s company rating and the rating on its €480 million senior secured notes to B+ from B, citing revenue growth driven by all regions and strong performance in its direct-to-consumer channel, which were 73.5% of sales in 2023. The ratings agency also cited free cash flow of about €27 million after leases, and reducing its adjusted debt to EBITDA to 3.4x, from 4.0x in 2022. S&P also weighed in on the impact of an IPO on its credit rating, placing the company on CreditWatch ... Log in to view full article.