The ratings agency maintained its “B-” issuer credit rating on the PE-owned Quiksilver and Billabong parent, but lowered its outlook to negative based on 2019 results and 2020 guidance provided by the company to S&P. Operating cash flow was negative last year and will likely be negative this year, it said, and Boardriders may not be able to comply with the leverage covenant on its ... Log in to view full article.