Moody’s cuts Harley-Davidson

Moody’s Investors Service said it downgraded the long-term ratings of Harley-Davidson, Inc. and Harley-Davidson Financial Services, Inc. to Baa2 from Baa1. The outlook is negative.

“The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets,” said the agency in a press release.

“The combined credit effects of these developments are unprecedented,” Moody’s said.

“Harley-Davidson is vulnerable to shifts in market sentiment in these unprecedented operating conditions and remains at risk of the outbreak continuing to spread,” the agency said.

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