Moody's confirms Brunswick

Moody's Investors Service said it confirmed Brunswick's ratings (B2 corporate family rating and probability of default rating and Caa1 senior unsecured notes) following the company's recent announcement that it had amended its revolving credit facility and joint venture agreement with General Electric.

At the same time, Moody's said it assigned an SGL 2 speculative-grade liquidity rating.

These actions conclude a review for possible downgrade initiated on Nov. 25, which was the last rating action, Moody's said.

The outlook is negative.

"The rating confirmation reflects more stability in the company's liquidity profile following the amendment of its revolver, which reduced the size of the revolving credit facility to $400 million, eliminated quarterly maintenance financial covenants and changed the agreement into an asset backed facility," said Kevin Cassidy, senior credit officer at Moody's.

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