The debt paydown with Topgolf proceeds prompted several upgrades from Moody’s, which changed Callaway’s corporate family rating to Ba3 from B1 and other ratings by a similar amount. The company’s outlook was upgraded to positive from stable. The rating agency noted the $1 billion term loan repayment doubled from the amount initially committed to lenders. With the majority of leases going to the new LGP-controlled Topgolf, Callaway’s interest expenses should drop to around $20 ... Log in to view full article.