The ratings agency changed Topgolf Callaway’s outlook to negative from stable, while affirming MODG’s B+ issuer-credit rating and all issue-level ratings, following its weaker-than-expected Q3 earnings. Adjusted leverage last quarter was 5.6x and S&P anticipates around 5.4x to end the year, while improving slightly to 5x through the end of 2024, in the face of an uncertain economic climate and mounting pressures on U.S. consumers. Additionally, S&P expects some moderation in operating performance with ... Log in to view full article.