Boardriders Inc. Credit Rating Lowered To 'CCC+' From 'B-'; Outlook Negative - S&P Global Ratings’ Credit Research

Boardriders Inc. Credit Rating Lowered To 'CCC+' From 'B-'; Outlook Negative

Boardriders Inc. Credit Rating Lowered To 'CCC+' From 'B-'; Outlook Negative - S&P Global Ratings’ Credit Research
Boardriders Inc. Credit Rating Lowered To 'CCC+' From 'B-'; Outlook Negative
Published Jun 28, 2017
4 pages (1579 words) — Published Jun 28, 2017
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

California-based branded lifestyle apparel manufacturer Boardriders Inc.(previously named Quiksilver Inc.) missed S&P's previous expectation for operating recovery as a result of the difficult retail environment. In addition, we believe the company's recovery will be slow and uneven and that its credit metrics will remain weak. As a result, we are lowering our corporate credit rating on the company to 'CCC+' from 'B-'. We are also lowering our issue-level rating on the company's unsecured euro notes to 'B-' from 'B'; the recovery rating is unchanged at '2'. The negative outlook reflects our opinion that the retail environment will remain challenging, which could make it difficult for the company to meaningfully strengthen its operating performance. We could lower the rating again if

  
Brief Excerpt:

...+ California-based branded lifestyle apparel manufacturer Boardriders Inc.(previously named Quiksilver Inc.) missed S&P's previous expectation for operating recovery as a result of the difficult retail environment. + In addition, we believe the company's recovery will be slow and uneven and that its credit metrics will remain weak. + As a result, we are lowering our corporate credit rating on the company to '###+' from 'B-'. + We are also lowering our issue-level rating on the company's unsecured euro notes to 'B-' from 'B'; the recovery rating is unchanged at '2'. + The negative outlook reflects our opinion that the retail environment will remain challenging, which could make it difficult for the company to meaningfully strengthen its operating performance. We could lower the rating again if the company's operating performance deteriorates and its fixed-charge coverage ratio declines from the current low 1x area. CHICAGO (S&P Global Ratings) June 28, 2017--S&P Global Ratings today lowered...

  
Report Type:

Ratings Action

Ticker
ZQK
Issuer
Boardriders Inc.
GICS
Apparel , Accessories & Luxury Goods (25203010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Boardriders Inc. Credit Rating Lowered To 'CCC+' From 'B-'; Outlook Negative" Jun 28, 2017. Alacra Store. May 11, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Boardriders-Inc-Credit-Rating-Lowered-To-CCC-From-B-Outlook-Negative-1876429>
  
APA:
S&P Global Ratings’ Credit Research. (). Boardriders Inc. Credit Rating Lowered To 'CCC+' From 'B-'; Outlook Negative Jun 28, 2017. New York, NY: Alacra Store. Retrieved May 11, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Boardriders-Inc-Credit-Rating-Lowered-To-CCC-From-B-Outlook-Negative-1876429>
  
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