Both Moody’s and Standard & Poor’s warned that the post-deal debt levels and lack of any meaningful earnings from Topgolf would significantly raise ELY’s leverage going forward, and add the risk of a business that is especially vulnerable in a pandemic. Moody’s took the measure of downgrading Callaway’s corporate family rating to B1, while S&P did not issue a downgrade, but placed the company on CreditWatch negative. The ratings agencies agree that debt-to-EBITDA will be above 5.0x through 2021, before possibly declining below that important threshold the ... Log in to view full article.