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S&P revises Cimpress outlook to negative

S&P Global Ratings on May 29 revised Cimpress NV's outlook to negative from stable and affirmed the company's BB corporate credit rating.

The rating agency also assigned its B+ issue-level rating to the company's proposed $400 million senior unsecured notes. Additionally, S&P affirmed its BBB- issue-level rating on the company's $745 million senior secured revolving credit facility, which the company intends to increase total commitments to $839.4 million and $300 million senior secured term loan A.

The negative outlook reflects the risk that the shift in Cimpress' financial policy could cause its leverage to rise above 4.0x, from 3.6x as of March 31, on a sustained basis.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.