• News
  • SAN DIEGO
  • Finance

S&P lowers rating on Hasbro Inc.

NEW YORK (AP) -- Standard & Poor's Ratings Services on Friday lowered its credit ratings on Hasbro Inc. due to the toy maker's recent weak performance and the agency's forecast for flat growth this year.

Toy makers had a tough holiday season with weaker demand. The industry is facing a slowdown in developed markets such as the U.S. and Europe as mobile devices and electronics steal attention from toys and consumers hold back on spending due to the uncertain economy.

Hasbro said in January that its fourth-quarter revenue failed to meet expectations, and announced plans to cut 10 percent of its 5,500-employee workforce worldwide and consolidate facilities to curb expenses.

S&P lowered its corporate credit rating on the Pawtucket, R.I., company one notch from “BBB+” to “BBB,” two notches above junk status. The outlook is stable.

Hasbro shares closed Thursday up 27 cents at $43.94, not far off the stock's 52-week high of $44.14. Markets were closed Friday in observance of the Good Friday holiday.

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

User Response
0 UserComments

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

Subscribe Today!