The ratings agency downgraded Under Dog’s issuer credit rating to BB- from BB on the company's $600 million senior unsecured notes, due to deteriorating margins from lower revenue and restructuring costs, resulting in gross leverage increasing to the 3.5x area in FY 25 from 2x in FY 24. It also maintained its stable outlook on UA’s strong balance sheet and its anticipated gross leverage to be near 3.5x over the next twelve months. Under Armour’s guidance called for a low-double-digit revenue decline in ... Log in to view full article.