E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 11/16/2009 in the Prospect News Investment Grade Daily.

Moody's lowers Harley-Davidson

Moody's Investors Service said it lowered the ratings of Harley-Davidson Funding Corp.: senior unsecured to Baa1 from A2 and short-term to Prime-2 from Prime-1.

The outlook is negative.

According to the agency, Harley-Davidson's ratings are based on a guarantee from Harley Davidson Financial Services, while the latter in turn benefits from a support agreement from Harley Davidson, Inc.

Moody's said that the downgrade reflects the severe cyclical downturn in U.S. motorcycle demand, the resulting erosion in the earnings and cash flow from the motorcycle operations, the need for Harley to continue rationalizing capacity, and the high level of losses and charge-offs that the company is expected to experience through 2010.


© 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.