Under Armour’s sole bond issue downgraded to junk status

Under Armour stock was subject to a slew of downgrades this week after a disappointing earnings report and news of the departure of finance head Chip Molloy after just one year on the job.

The bad news didn’t end there.

The sports equipment and apparel retailer UA, -0.27% also had its credit downgraded, sending its sole bond issue into speculative, or “junk” territory.

Standard & Poor’s cut its rating on the issuer to BB-plus from BBB-minus, the last level of investment grade. The outlook on the rating is negative, meaning S&P could lower it again in the medium term.

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