New York, May 26, 2016 -- Moody's Investors Service affirmed Mattel, Inc.'s Baa1 senior unsecured ratings and P-2 short-term rating. The outlook remains negative, reflecting the challenges that Mattel faces in improving its operating performance following the loss of the Disney Princess franchise (effective as of 1/1/2016) and weakness in other select brands. Although Moody's believes that Mattel has articulated a viable plan to regain momentum, the results of the company's efforts will not become apparent until the 2016 holiday season given the seasonality of the toy industry and the cadence of product launches. New initiatives and additional entertainment properties should help fuel growth in 2016 following a nascent recovery during the 2015 holiday season. Moody's expects that successful execution of Mattel's growth and cost saving initiatives will place the company on a path to reducing debt to EBITDA towards historical levels of around 2 times, with a return to a stable outlook.

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