The ratings agency lowered the rating on Academy’s senior secured term loan to Caa2 from Caa1 just four months after lowering it from B3, and changed the company’s ratings outlook to negative from stable. Caa2 and Caa1 ratings are described as “poor standing and subject to very high credit risk.” Moody’s said it expects continued weak earnings from the retailer in the near term, as Academy faces a challenging turnaround in the highly competitive sporting goods market. In addition, its corporate family rating was downgraded to Caa1 from B3 and its probability of default rating was downgraded to Caa1-PD from ... Log in to view full article.