The ratings agency downgraded Academy’s corporate family rating to Caa2 from Caa1 and cut its probability of default rating two steps to Caa3-PD from Caa1-PD, while affirming its Caa2 senior secured term loan rating. The ratings outlook remains negative, and Moody’s said that headwinds from the coronavirus outbreak increase the likelihood of a discounted debt repurchase, which the agency views as a default. Academy has $1.466 billion outstanding on its $1.825 billion senior secured term loan which comes due in July, 2022. Despite ... Log in to view full article.