Boardriders’ Credit Rating Lowered by S&P
In February, Standard & Poor’s revised the PE-owned action sports company’s outlook to negative, and now it has followed through with a downgrade of its issuer credit rating to CCC+ from B-. Boardriders’ preliminary EBITDA from fiscal Q2 ended Apr. 30 was “severely negative,” on a 40% revenue decline due to the Covid-19 pandemic, the ratings agency said. It expects Boardriders’ full -year EBITDA to be negative, and that it will be unable to cover ... Log in to view full article.