Moody’s Ratings lowered Edgewell Personal Care Co.’s corporate family rating to B1 from Ba3, citing elevated leverage, modest free cash flow and ongoing profitability challenges.
Adjusted debt-to-EBITDA leverage reached 9.2x, Moody’s said. Restructuring costs and expenses related to consolidating the company’s wet shave manufacturing network contributed to the elevated leverage.
Moody’s revised Edgewell’s outlook to stable from negative, suggesting the company may be nearing an operational turning point after significant restructuring efforts, including the sale of its Feminine Care division.