S&P slices West Marine

S&P said it downgraded the ratings for Rising Tide Holdings Inc. (West Marine Inc.), including the issuer rating to CCC from B-.

“The downgrade reflects our view that Rising Tide's capital structure is unsustainable and that it could pursue a restructuring. The company's weak operating results and a potentially prolonged path to recovery lead us to view its capital structure as unsustainable. Performance has been weak in 2022 with persistent sales decline at a mid-single-digit rate and little to no profitability. This while sales declined at a low-to-mid single-digit rate over the 12 months,” S&P said in a press release.

The outlook is negative.

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