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Moody's cuts Boardriders notes to B1
Moody's Investors Service said it revised Quiksilver Inc.'s outlook to stable from positive following recent negative operating trends.
The recent underperformance has resulted in significant increases in the company's leverage ratio which began this year at 4.7x and is currently 5.7x debt/EBITDA with interest coverage of 1.3x as of July 2012, the agency said.
Moody's affirmed Quicksilver's $400 million 6 7/8% senior unsecured notes due 2015 at Caa1 (LGD 5, 81% from LGD 5, 78%) and lowered Boardriders SA's €200 million senior unsecured notes due 2017 at B1 (LGD 3, 34%) from Ba3 (LGD 3 31%).
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