Moody's reviews Mattel's Baa1 ratings for downgrade; affirms P-2
New York, January 30, 2017-- Moody's Investors Service today placed Mattel, Inc.' s Baa1 senior unsecured ratings on review for downgrade following its weaker-than-expected Q4 2016 earnings results. The commercial paper rating was affirmed at Prime-2. The rating review will focus on Mattel's ability to improve sales and profitability in order to materially reduce leverage in 2017. Moody's estimates that Mattel's year-end 2016 debt to EBITDA leverage rose to about 3 x from 2.6...Mattel is a global children's entertainment company that engages in the design and production of toys and consumer products. The company's portfolio of owned and licensed brands and products are organized into the following categories: Dolls, which include brands such as Barbie, American Girl, Enchantimals, and Polly Pocket; Infant, Toddler, and Preschool, which include brands such as Fisher-Price and Thomas & Friends, Power Wheels, Fireman Sam, and Shimmer and Shine (Nickelodeon); Vehicles, which include brands such as Hot Wheels, Matchbox, CARS (Disney Pixar), and Jurassic World (NBCUniversal); Action Figures, Building Sets, and Games, which include brands such as MEGA, UNO and WWE.
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