Moody’s downgraded the licensed apparel giant’s corporate family rating to B1 from Ba3, and reduced its rating on Fanatics Commerce’s senior secured term loan to B2 from B1, while maintaining a negative outlook. The ratings agency believes an increasingly difficult operating environment will continue to impact earnings, margins, and cash flow. Including high revolver borrowings to support seasonal working capital needs, adjusted debt/EBITDA remains very high at 25x and EBITDA-to-interest is negative. Moody’s expects revenue to grow as new licensing ... Log in to view full article.