Moody’s lowers Airxcel

Moody's Investors Service said it downgraded its ratings for Airxcel, Inc., including the company's corporate family rating to Caa2 from B3 and probability of default rating to Caa2-PD from B3-PD, along with the ratings for its senior secured first-lien bank credit facility to Caa2 from B3 and second-lien term loan to Ca from Caa2.

The outlook is negative.

“The downgrades reflect our expectation that the decline in recreational vehicle shipments will be more pronounced amid the Covid-19 crisis and weaker economic outlook, and that this will exert significant pressure on Airxcel's earnings and liquidity in FY2020,” Shirley Singh, Moody's lead analyst for Airxcel, said in a news release.

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