A BBB rating means that things are stable, but the long term negativity comes from two problems: The first is Hasbro’s debt, which Fitch acknowledge the company is trying to address. Some of the debt comes from eOne, the entertainment company that Hasbro spent $1bn. Hasbro hasn’t been able to do much with it because of the pandemic. That’s an expensive purchase, and debt begets debt. The second is that Fitch thinks Hasbro has effectively tapped out its legacy franchises. What else is there to do with My Little Pony, Transformers and G.I. Joe?