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Moody's downgrades Augusta Sportswear
Moody's Investors Service said it downgraded Oak Parent, Inc.'s ratings, including its corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and the ratings on its senior secured credit facilities to B3 from B2.
The outlook remains negative. Oak Parent is an indirect parent company of Augusta Sportswear Holdings, Inc.
The downgrade reflects the significant deterioration in Augusta's operating performance and credit metrics in 2020 as a result of coronavirus induced cancelations and postponements of school and recreational sports programs during the year, Moody’s said in a news release.
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