Fitch Ratings upgraded Signet Jewelers Limited's Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+' on May 22, 2025, with a Stable Outlook. This upgrade reflects an improved EBITDAR leverage, which Fitch expects to trend around 1.5x, a significant improvement from prior expectations.
The upgrade is also attributed to Signet's demonstrated financial conservatism, including the repayment of all debt maturities in 2024. This included $147.7 million in unsecured notes and $814 million in preferred equity, substantially strengthening the company's balance sheet.
A 'BBB-' rating indicates a lower credit risk, which can lead to more favorable borrowing terms and increased investor confidence. Signet's strategic focus on growing its fashion business and optimizing its retail footprint are also considered positive factors supporting its long-term trajectory.
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