Moody’s cuts Outerstuff, ratings on review

Moody’s Investors Service said it downgraded Outerstuff LLC’s ratings, including its corporate family rating to Caa1 from B2, probability of default rating to Caa1-PD from B2-PD, and its senior secured term loan rating to Caa2 from B3.

The agency also changed the outlook to negative from under review.

“The downgrade and negative outlook reflect Outerstuff’s very weak profitability and credit metrics, and its need to improve to more sustainable levels over the very near term in order to address looming debt maturities ahead of the obligations becoming current,” said Mike Zuccaro, Moody’s apparel analyst, in a press release.

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