Concurrently, Moody’s downgraded the rating on the senior secured term loan to Ba3 from Ba2. Thor’s weakened earnings profile will result in a slower than expected pace of deleveraging that is against an increasingly uncertain economic environment involving sustained dealer inventory corrections and contractions in RV retail sales. The rating favorably considers Thor’s strong competitive standing in North America and Europe, a portfolio of well-known brands, expectations of a very good liquidity profile and the company’s broad RV offering that touches multiple price points and segments.
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