While affirming Academy’s corporate debt rating at B2, the ratings agency lowered the outlook on $1.825 billion in senior secured term loan debt to negative from stable, citing a low-single-digit decline in 2016 comp store sales that was accompanied by a 23% shortfall in adjusted EBITDA. The speculative B2 rating is a result of the company’s “high leverage, aggressive financial policies and geographic concentration.” Moody’s said the change in the outlook reflects its conclusion that Academy may not be able to reverse the negative trends of 2016 in the near term, resulting in continued high leverage and diminished free cash ... Log in to view full article.