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Birkenstock (BIRKEN; NR/B+ Pos/BB) S&P upgrades 1-notch to B+ Pos.

CONSUMER CYCLICALS

One-notch upgrade and to positive outlook from S&P. Issuer rating remains 2-notches higher at BB now.


Single line; BIRKEN APRIL 29s 101.140.



As we said after earnings; "S&P seems to be lagging here in single B territory in part on IPO linked deleveraging changing BS rapidly. It wants to wait and see if that was one-off or if mgmt stays conservative & works towards stated net 2x within ~1yr & 1x over long-term. In particular its flagging original PE owners, Catterton, still holds controlling stake of 80%."

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