The ratings agency lowered its issuer credit rating and other debt ratings on Callaway to B from B+ after the consummation of its all-stock acquisition of Topgolf, with a negative outlook. S&P sees a pro forma debt/EBITDA ratio of about 8x for the combined companies, and said it could lower its ratings further if the leverage is sustained at that level. The benefits of the merger, which include increased scale, greater breadth of products and services, and profit growth, are more than offset by increased financial risk, it believes. ELY plans ... Log in to view full article.