Moody’s cuts Camping World

Moody’s Investors Service said it downgraded the ratings of CWGS Enterprises, LLC (Camping World), including the corporate family rating to B3, the probability of default rating to B3-PD and the senior secured bank credit facility to B3. The outlook is negative.

"Today’s rating action reflects the potential for ongoing softness in the RV market as consumers sort through how the effects of the corona virus will impact their big-ticket purchases during 2020," said Charlie O’Shea, a Moody’s vice president, in a press release.

"While the culling of the Gander stores is largely complete and Camping World undertaking significant mitigation measures during Q4 2019, risks remain given the discretionary nature of the remaining product line. That said, liquidity remains adequate, with around $140 million in cash at FYE December 2019 and significant unencumbered vehicle inventory that is fungible," said O’Shea.

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