Credit rating agency S&P Global is downgrading the Swiss luxury watch manufacturer Breitling's credit rating.
S&P is downgrading the rating one step, from B to B-. According to the credit rating agency, a company with a B- rating is "more vulnerable" to adverse conditions, but still has the capacity to fulfill its financial commitments.
S&P expects a "gradual recovery" in 2027 from the declining sales that originated from "macroeconomic uncertainties" that have affected consumption.
The analysts, however, warn that there is still a "high degree of unpredictability" regarding the recovery in the luxury sector as a whole.
