Moody’s changes Thor view

Moody's Investors Service said it affirmed ratings for Thor Industries, Inc., including the Ba2 corporate family rating, the Ba2-PD probability of default rating and the Ba2 senior secured rating.

The outlook was changed to negative from stable.

“The negative outlook reflects contractions in Thor's sales and earnings as a result of recent RV dealer inventory rationalization efforts,” the agency said in a news release.

Moody's said it expects that dealers will continue to reduce inventory levels through the end of fiscal 2019, which will lead to further topline and earnings pressures, a weaker set of credit metrics, and more elevated financial leverage.

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