Pure Fishing, whose brand portfolio includes Hardy, is facing stiff headwinds.
Moody’s Investors Service downgraded the debt ratings of SP PF Buyer LLC, doing business as Pure Fishing, as the fishing gear maker’s sales declined 15 percent in 2022.
“Today’s rating downgrade and negative outlook reflect Pure Fishing’s unsustainable capital structure and the elevated risk of default over the next 12-to-18 months given its very high financial leverage,” said Oliver Alcantara, AVP-Analyst at Moody’s. “We expect that demand and industry headwinds will persist in 2023, and the company has limited financial flexibility to absorb prolonged revenue pressures given its constrained liquidity.”
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