S&P Global Ratings changed Health and Happiness International Holdings' (HKG:1112) outlook to negative from stable due to weaker-than-expected Q3 results, according to a Monday release.
The rating agency maintained the company's BB issuer and senior secured issue credit ratings.
The outlook considers potentially greater demand weakness for the company's products in China and the likelihood of the debt-to-EBITDA ratio surpassing the 3.8x estimate for 2025 and the 4x downgrade threshold, S&P said.
The company's deleveraging efforts also face risks from its narrowing baby nutrition business and higher spending in the adult nutrition segment.
Significant changes in the company's debt-to-EBITDA ratio and further shifts in the baby nutrition business contracts could trigger future rating actions.
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