Performance Sports Group Ltd. Is Downgraded To #B-# On Persistently Weak Profitability

Stocks and Financial Services Press Releases Wednesday January 27, 2016 09:24
SAN FRANCISCO--27 Jan--Standard & Poor's
SAN FRANCISCO (Standard & Poor's) Jan. 26, 2016--Standard & Poor's Ratingslowered its corporate credit rating on Exeter, N.H.-based Performance SportsGroup Ltd. to 'B-' from 'B'. The outlook is stable.

At the same time, we lowered the issue-level rating on PSG's $450 million termloan due 2021 to 'B-' from 'B'. The recovery rating remains unchanged at '3',indicating our anticipation of meaningful (50% to 70% recovery, in the upperhalf of the range) in the event of a payment default.

"The rating action reflects our expectation that profitability and creditmetrics will remain weak as a result of lower sales," said Standard & Poor'scredit analyst Beverly Correa. "These lower sales result from a strengthenedU.S. dollar, weakened global economic growth in its key international hockeymarkets, including Russia, and continued competitive challenges within thesector," Ms. Correa added.

The stable outlook reflects our expectation that the company will keep creditprotection measures near our forecast levels, maintain adequate liquidity, andgenerate positive FOCF.

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