Moody's Investors Service Inc. adjusted Bass Pro Group LLC’s credit outlook, citing slower-than-expected debt reduction.
Bass Pro Group, dba Bass Pro Shops, now has a stable outlook, meaning Moody’s does not expect the company’s credit rating to change in the next 12 to 18 months, according to a news release issued late last month. Bass Pro previously had a positive outlook, which meant Moody’s officials previously predicted its credit situation would improve.
"The outlook revision reflects revenue and earnings weakness relative to plan that has reduced the pace of debt reduction,” Moody's analyst Peggy Holloway said in the release.
While Moody’s pointed to Bass Pro’s strengths in offering a wide variety of private-label brands and presenting itself in a destination retail model, officials with the credit rating agency said the company’s “credit profile is constrained by the discretionary nature and cyclical demand trends of many products, and by declining demand for lower margin hunting and shooting products.”
Additionally, Moody’s affirmed Bass Pro’s probability of default and corporate family ratings, as well as its senior secured term loans, in the B range, meaning adequate capital to meet financial commitments.
Bass Pro’s credit outlook was marked as positive a year ago.
Austin, Texas-based Kendra Scott LLC made its Springfield debut; Lost Boys Barber Co. LLC relocated; and Wilson Logistics Inc. opened its corporate headquarters in Strafford.