Moody's cuts Quiksilver, Boardriders notes

Moody's Investors Service said it lowered Quiksilver Inc.'s corporate family rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD.

Moody's also lowered the rating on the company's $400 million senior unsecured note to Caa2 from Caa1 and the rating on Boardriders, SA's €200 million senior unsecured note to B2 from B1.

The company's SGL-2 speculative grade liquidity rating was affirmed and the outlook remains stable.

Moody's said the downgrade considers that the performance of the DC Shoe brand, which has been a fast-growing brand for the company, has seen weaker performance, relating to the lack of innovation in some key product categories in this brand.

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