Moody’s: ICON view negative

Moody's Investors Service said it confirmed ICON Health & Fitness, Inc.'s ratings, including the B3 corporate family rating, due to its operating performance and credit metric improvements.

The outlook is negative. These actions conclude the review for downgrade that was initiated on Feb. 16.

Moody’s said the confirmation reflects the company's improved operating performance and credit metrics over the last couple of years. For instance, leverage as measured by debt/EBITDA is roughly 4 times down from over 5 times a year ago and from over 8 times three years ago.

"The rating outlook however is negative to reflect the uncertainty and risks associated with the company's ability to refinance its very near approaching debt maturities," Moody’s senior credit officer Kevin Cassidy said in a news release.

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