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Article Date: June 2017
Word Count: 274

Moody’s: Remington Debt Structure is Unsustainable


The ratings agency downgraded Remington’s Corporate Family Rating to Caa2 from Caa1 and its Probability of Default Rating to Caa2-PD from Caa1-PD citing uncertainly as to whether the company will be able to refinance debt maturing in the next two years. Remington is carrying a $580 million secured term loan due April 2019 and $250 million in secured notes due May 2020 on its balance sheet making for a debt/EBITDA ratio of over 9x. Moody’s cited significant demand volatility in the firearms and ammunition market as risk factors, and said it expects its earnings to remain under pressure in the ... Log in to view full article.

 


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