The gun maker’s Caa rating was taken down another notch to Caa3 from Caa2, at the lower end of a rating category that is defined as “speculative of poor standing and … subject to very high credit risk.” The rating agency said the downgrade reflected the company’s weak operating performance and liquidity pressure from approaching maturities in April, 2019 coupled with an unsustainable capital structure. The secured term loan ... Log in to view full article.