Moody’s rates Amer Sports add-on loan B3

Moody's Investors Service said it assigned a B3 rating to the €100 million guaranteed senior secured term loan due 2026 borrowed by Amer Sports Holding Oy, a subsidiary of Amer Sports Holding 1 Oy.

The loan is an add-on to the company’s existing €1.7 billion senior secured term loan B due 2026.

Amer Sports' B3 corporate family rating and B3-PD probability of default rating as well as the B3 ratings of the existing senior secured term loan B and the €315 million senior secured revolver and the negative outlook are not affected.

“The new term loan will reinforce Amer Sports' cash cushion, building upon the company's other initiatives to safeguard liquidity, while resulting in a moderately higher gross leverage,” Igor Kartavov, a Moody's lead analyst for Amer Sports, said in a news release.

“However, despite Amer Sports' improved liquidity profile and the relatively moderate impact of the coronavirus outbreak on its financial performance so far, the negative outlook on the company's ratings continues to incorporate the uncertainty related to the pace of recovery in its performance in the second half of 2020 and thereafter amid the challenging operating environment.”

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