S&P cuts 361 Degrees

S&P said it downgraded 361 Degrees International Ltd. and its senior unsecured notes to B+ from BB-.

“We lowered the rating to reflect 361 Degrees' declining share in China's sportswear market and deteriorating operating performance due to the fallout from the Covid-19 outbreak,” said S&P in a press release.

“While the company has been losing market share for some time, the outbreak will accelerate that trend. On the other hand, we expect the company's debt leverage to range between 3.5x and 4.0x, benefiting from recent bond buybacks,” the agency said.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.