The stable outlook also reflects the rating agency's expectation that earnings growth and cash utilized for acquisitions will reduce debt-to-EBITDA to 4.0x or lower over the next year, and that Edgewell will continue to generate solid free cash flow and maintain very good liquidity.A downgrade could occur if Edgewell fails to stabilize operating performance, or if liquidity deteriorates. Moody's could also downgrade the company if debt to EBITDA is sustained above 4.0x. Other factors that could contribute to a downgrade include debt financed acquisitions or share repurchases.Edgewell's ratings could be upgraded if the company improves its scale and diversification, and it sustains solid organic revenue growth with a stable to higher EBITDA margin.