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Moody's drops Easton-Bell to SGL-3
Moody's Investors Service downgraded Easton-Bell Sports, Inc.'s speculative grade liquidity rating to SGL-3 from SGL-2 because of the expectation of modest free cash flow and the potential for diminished revolver capacity if revolver borrowings are used to repay the $145 million Holdco notes in the next couple of years.
The change in the outlook to negative from stable reflects the risk that the company's earnings will continue to moderate driving leverage above 7 times, one of the thresholds set for a possible downgrade, the agency added.
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