Moody's stabilizes Oak Parent view

Moody's Investors Service said it changed Oak Parent, Inc.'s (Augusta Sportswear) outlook to stable from negative and affirmed the company's B3 corporate family rating, B3-PD probability of default rating and B3 senior secured credit facilities ratings.

“The change in outlook to stable from negative reflects the company's operating performance recovery and Moody's expectations for continued deleveraging and positive free cash flow. As youth sports activity resumed in 2021, Augusta's revenue and EBITDA (as measured by Moody's) returned to within 5% of pre-pandemic levels. The earnings recovery combined with voluntary debt repayment led to leverage declining to 6.2x and EBITA/interest expense improving to 2.2x as of January 2, 2022,” the agency said in a press release.

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