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Article Date: June 2019
Word Count: 212

S&P Reverses Academy Downgrade

As expected, the ratings agency upgraded Academy to CCC+ from SD (selective default), restoring the chain to its original rating after a downgrade triggered by its purchase of $89.1 million of its debt in April at a discount. Moody’s labeled the exchange distressed at the time but did not downgrade the rating, noting that Academy had ample liquidity because of its $1 billion ABL.


Both ratings agencies said they expected Academy’s performance to remain weak for the next 12 months with S&P citing competition from other big box retailers and e-commerce as the chief threats. S&P added that it expects Academy ... Log in to view full article.


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