The ratings agency sees a significant operating income drop in the near future for the Swoosh, prompting an outlook downgrade to negative from the stable guidance that has held since Jan. 2022. For now, Moody’s affirmed its A1 rating on the company and its debt. The expected decline in operating income for H2 FY ‘25 led the downgrade factors, alongside an expected FY ‘26 recovery across the P&L still falling short of historical levels based on constrained consumer spending. These headwinds should put adjusted debt/EBITDA at close to 2X for a ... Log in to view full article.