Moody’s assigns Baa2 rating for Mattel’s new shelf

Moody’s assigns Baa2 rating for Mattel’s new shelf

NEW YORK — Moody’s said Thursday it has assigned several ratings for Mattel Inc. including a (P)Baa2 rating for a senior unsecured issuance under the toy maker’s new shelf.

The firm also assigned Baa2 ratings to Mattel’s $500 million bond issuance with 10 and 30 year maturity tranches. The ratings outlook is “Stable.”

The company plans to use proceeds from the debt issue for general corporate purposes.

Moody’s said the Baa2 rating is due to Mattel’s good market position, strong brands such as Barbie, healthy credit and conservative balance sheet. But it also said the industry is extremely volatile based on the season and is subject to swings in popularity.

Shares of Mattel rose 28 cents to $23.30 in afternoon trading Thursday.