The ratings agency weighed in on VSTO’s plan to spin off its outdoor business, placing its Ba3 corporate family rating and B1 debt rating on review for a downgrade. Moody’s warned that the separation would remove about 25% of the remaining company’s EBITDA, and plans to increase dividends and share repurchases could send leverage towards 3.0x from the current 1.0x-2.0x target. In addition, VSTO will become a pure-play ammunition company, increasing its social ... Log in to view full article.