Newell Brands credit rating cut to junk by S&P Global

S&P Global Ratings lowered its long-term issuer credit rating on Newell Brands to "BB+" from "BBB-" saying the company’s earnings and cash flow guidance for fiscal year 2023 is "significantly weaker" than previous expectations because of weak macroeconomic conditions and continued inflationary pressures. Newell has a publicly stated a 2.5 times net leverage financial policy target, but its capital allocation decisions, combined with weaker demand for its products from a challenging macroeconomic backdrop, have increased its debt over the last year, S&P said in a statement.