S&P cuts Oak Holdings

S&P said it downgraded Oak Holdings LLC to B- from B.

“The Covid-19 pandemic has significantly disrupted Oak's business by reducing the demand for its products, which is pressuring its credit measures and liquidity. The near-term outlook for team sports, and thus the demand for the company's uniforms and dancewear, remains unfavorable. Oak's revenue declined by 65% and its reported EBITDA was negative in the second quarter, which led to total first-half revenue and EBITDA declines of nearly 40% and 70%, respectively,” S&P said in a press release.

S&P said it forecasts Oak Holdings’ trends to improve in the last half of the year as many youth sports leagues reopen in the U.S.

The outlook is negative.

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