Better-than-expected results from Reebok, soaring margins and a $300 million debt retirement encouraged S&P Global to boosting its rating on Authentic Brands Group’s first-lien senior secured debt to BB- from B, on its second-lien senior secure debt to B- from CCC+. S&P granted the company a stable outlook on its recent EBITDA margin performance in the high 70% range and leverage around low-4X. ABG’s adjusted debt/EBITDA may rise closer to 5X in the next 12 months as new brand integration continues.

Reebok is performing ahead of plan, the ratings agency said, with ... Log in to view full article.