The ratings agency cut Topgolf’s corporate family rating to Caa2 from B3, probability of default rating to Caa3-PD from Caa1-PD, and lowered its first lien credit facility ratings to Caa2 from B3. The golf entertainment venue operator’s outlook was changed to negative from stable. With Topgolf’s locations closed due to the Covid-19 pandemic, its leverage levels will increase from the already high 7.3X and liquidity will deteriorate, ... Log in to view full article.