S&P shifts Callaway view to stable

S&P said it changed the outlook for Callaway Golf Co. and TopGolf International Inc. to stable from negative and affirmed its ratings, including the Callaway’s B and TopGolf’s B- issuer ratings.

“The rating affirmation and outlook revision to stable primarily reflects lower leverage due to significantly higher profitability at Topgolf than we previously expected. Callaway completed its acquisition of Topgolf in March 2021, and since that time Topgolf has significantly outperformed our expectations. Topgolf returned to pre-pandemic levels of same-venue sales quicker than we forecast,” S&P said in a press release.

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