The senior unsecured debt is now rated at Baa3, down from Baa2 and the lowest rating considered investment grade as a result of the ongoing challenges the company faces in the North American market, its recent execution issues with the ERP implementation and the prospect that there will not be much improvement in 2018. Moody’s added that the outlook for the ratings is negative. However, it also noted that Under Dog’s liquidity remains good with $258 million of cash and ample liquidity remaining on its $1.25 billion credit line with its earliest debt maturity now for $50 million in real ... Log in to view full article.