Improving leverage ratios from post-IPO debt paydowns and strength on both ends of the P&L saw Fitch Ratings upgrade the sandal company’s long-term issuer default rating to BB from BB-. The ratings agency also reaffirmed its BB+ ratings on the European parent company’s €375 million term loan B and its U.S. division’s $785 million term loan B. Fitch deemed Birkenstock’s outlook stable. The firm noted the majority of the €466 million IPO cash proceeds going towards the USD term loan ... Log in to view full article.