Announcement of Periodic Review: Moody's announces completion of a periodic review for a group of Consumer Durables issuersGlobal Credit Research - 11 Mar 2022New York, March 11, 2022 -- Moody's Investors Service (Moody's) has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entities listed below.The review was conducted through a portfolio review discussion held on 4 March 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. A possible outcome from periodic reviews is a referral of a rating to a rating committee.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.Key Rating ConsiderationsThe principal methodology used for this review was Consumer Durables published in September 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.Scale: Scale is an indicator of the overall depth of a company's business and its success in attracting a variety of customers. Larger companies may be able to achieve greater economies of scale and be better positioned to leverage fixed costs and the advertising spend to promote consumer awareness of brands and products. Size may also be an indicator for a consumer durable company's resilience to changes in product demand and its clout with suppliers and customers. Broad scale will likely reduce a company's exposure to business disruption caused by a problem with a single plant. Total sales are an indicator of scale.Business Profile: The business profile of a consumer durables company is considered because it greatly influences its ability to generate sustainable earnings and operating cash flows. Core aspects of a consumer durables company's business profile are its competitive position and brand strength. A company's competitive position includes its stability of cash flows, overall market position, product and geographic diversity, barriers to entry, and cost structure characteristics.Profitability: Profitability matters because it is needed to generate sustainable cash flow and maintain a competitive position. Profitability on a long-term multi-year basis helps companies attract capital and make ongoing investments in research and development to maintain a technological edge. The EBIT margin is an indicator of profitability.Leverage and Coverage: Leverage and coverage measures provide important indications of a company's financial flexibility and long-term viability. Measures of leverage and coverage include Debt/ EBITDA, Retained Cash Flow/ Net Debt and EBIT/ Interest Expense.Financial Policy: Management and board tolerance for financial risk is considered because it directly affects leverage levels, credit quality, and the risk of adverse changes in financing and capital structure. Considerations include a company's public commitments in this area, its track record for adhering to commitments, and our views on the company's ability to achieve its targets. Financial risk tolerance serves as a guidepost to investment and capital allocation.Other Rating Considerations: Other considerations may include but are not limited to financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends also affect ratings.This announcement applies only to Rated Entities with EU rated, UK rated, EU endorsed and UK endorsed ratings. Rated Entities, with Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced herein to the extent necessary, if they are part of the same analytical unit.Please see the Issuer page on www.moodys.com, for each of the ratings covered, most updated credit rating action, rating history, and Credit Rating action Press Release including the rating rationale and factors that could lead to a rating upgrade or downgrade.List of Issuers/Rated Entities Amer Sports Holding 1 Oy Breitling Holdings S.a r.l. EssilorLuxottica Fluidra S.A. International Design Group S.p.A. Iris HoldCo GmbH Keter Group B.V. LSF9 Balta Issuer S.a r.l. Marcolin S.p.A. Nobel Bidco B.V. Piaggio & C. S.p.A. Victoria plc This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. 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