Standard & Poor’s indicated that it may downgrade its ratings for the Authentic Brands Group (ABG) if it delays its planned public offering, which would help it to finance its €2.1 billion acquisition of Reebok, or if the IPO would lead the institutional investors that have been sponsoring its expansion to lose majority control. While ABG has not mentioned the timing of the intended IPO, it will need to amend the S-1 filing it made in July with the U.S. Securities & Sxchange Commission to include the financial items related to Reebok. S&P said it would keep its ratings or improve them if it is persuaded that ABG will be able to integrate the Reebok business successfully and that it will maintain more conservative financial policies, resulting in sustained pro-forma leverage below 5 times Ebitda. Excluding Reebok, S&P’s outlook for ABG is positive, as the agency expects the group to generate improved Ebitda and free cash flow from recently acquired brands and because of a rebound in its retail operations.