On August 16, 2016, S&P Global Ratings lowered its corporate rating on Performance Sports Group Ltd. to CCC from CCC+ and its $450 million term loan due 2021 to CCC from CCC+. “The downgrade reflects our view that PSG will likely experience a near-term liquidity shortfall or debt restructuring within the next 12 months,” said S&P Global Ratings credit analyst Bea Chem. The Company filed a Form NT 10-K on August 16, 2016.
On August 16, 2016, Moody’s Investors Service, downgraded Performance Sports Group Ltd.’s corporate family rating to Caa2 from B3 due to its weak operating performance combined with the announcement that it will not file its audited financial statements on time. “The downgrade in the CFR reflects the increased risk of a debt restructuring in the next year or two given the company’s poor operating performance and the recent uncertainty created by its failure to file the audited financial statements on time,” said Kevin Cassidy, Senior Credit Officer at Moody’s Investors Service. Read more on distressed companies.
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