Swiss Watchmaker Breitling Downgraded by S&P on Weak Demand (1)

S&P Global Ratings lowered its credit score on Breitling following continued underperformance from the Swiss watchmaker as consumers pull back in its key markets.

The ratings firm cut Breitling, which is majority-owned by private equity firm Partners Group Holding AG, by one notch, to B- from B, S&P said in a statement Monday. S&P defines a company with this rating as being “more vulnerable” to adverse conditions, but having capacity to meet financial commitments.

“Macroeconomic uncertainties continue to impact discretionary spending by aspirational customers, combined with lower tourism spending,” said analysts including Manuel Vela Monserrate in the note, adding that ...