| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Remington Outdoor Co. Inc. > News item |
S&P lowers Remington Outdoor
S&P said it lowered the corporate credit rating on Remington Outdoor Co. Inc. to CCC- from CCC+.
The outlook is negative.
At the same time, the agency lowered the issue-level rating on the company's $575 million senior secured term loan due 2019 to CCC- from CCC+ and revised the recovery rating to 4 from 3, indicating an expectation for average recovery (30% to 50%; rounded estimate: 35%) in the event of a payment default.
In addition, S&P lowered the issue-level rating on the company's third-lien notes due 2020 to C from CCC-. The recovery rating remains 6, reflecting an expectation for negligible recovery (0% to 10%; rounded estimate: 0%).
The agency said the downgrade reflects heightened default risk absent an unforeseen and favorable change to operating results over the next six months, based on S&P’s lowered revenue and cash flow forecasts through 2018.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.