...March 12, 2021 NEW YORK (S&P Global Ratings) March 12, 2021--S&P Global Ratings today said it is updating its liquidity analysis on Boardriders Inc. (###/Negative/--) to reflect that the 6.5x leverage covenant on the company's super-senior term loan will commence testing as of the end of the first quarter of fiscal year 2023 (January 2023) rather than in fiscal year 2022 as we stated in our Sept. 24, 2020, report. We are updating the date after receiving revised information related to Boardriders' credit agreement. The change in the covenant testing date does not affect our ratings and we continue to assess the company's liquidity as less than adequate. However, the later testing date will extend the timeline for Boardriders to execute on its turnaround plan and improve its EBITDA without the risk of a covenant breach. Despite this, we continue to expect that the company will have minimal headroom under the covenant when it is tested. Our '###' issuer credit rating on Boardriders reflects...
