The change in Outlook reflects the increased interest burden along with broadly flat profitability expected for 2024 given the challenging environment.

The rating action reflects Scope’s increased confidence that the effects of the Russia-Ukraine war and other macroeconomic events are over for LR Global.

The rating action reflects weakened credit metrics driven by the decrease in operating profitability in the first half year of 2022 due to the Russian-Ukraine war, the high inflationary environment, and their effect on consumer behavior.

The affirmation reflects the issuer's stronger than expected operating performance over the course of 2021 as well as its comfortable interest coverage ratio.

The upgrade reflects the issuer's stronger than expected operating performance over the last three months, its decision to decrease the planned bond size as well as the recent decision by the EU Commission to exempt LR from a potential aloe vera ban.

The rating reflects the issuer's good market position, satisfactory operating margins, and ability to generate sustained free cash flow, but is held back by the company's relatively small size and product dependence.