S&P Downgrades 361 Degrees; Outlook is Negative
The Chinese sportswear brand saw its issuer credit rating and the rating on its senior unsecured notes downgraded to B- from B+ by Standard & Poor’s, which cited sliding sales and ramped up competition. 361° repurchased another $20 million of the US$ denominated notes at the end of Aug., leaving $294 million outstanding which matures in June 2021. The rating agency says 361°’s competitiveness is deteriorating now that the Covid-19 epidemic has accelerated industry ... Log in to view full article.
