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S&P cuts Motorsport Aftermarket
Standard & Poor's said it lowered Motorsport Aftermarket Group Inc.'s corporate credit rating to CCC from CCC+ and its senior secured credit facilities to CCC with an unchanged recovery rating of 3 from CCC+.
The outlook is negative.
The downgrade reflects S&P's concern that Motorsport's deteriorating operating performance and rising debt leverage will jeopardize its compliance with bank debt covenants.
The agency said the CCC rating reflects the company's thin liquidity as well as risks relating to its substantial dependence on sales of aftermarket parts and accessories for motorcycles made by Harley-Davidson, which experienced a 14.4% drop in parts and accessories revenue and a 24.3% decline in U.S. retail sales in the quarter ended Sept. 27.
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