Moody’s Investors Service downgraded Quiksilver’s stock on Wednesday thanks to what it calls “a ‘significant’ level of short-term debt in its capital structure, according to a story on Yahoo Business.
Moody’s downgraded the company’s corporate family rating and probability of default rating two notches to “B2” — a speculative or “junk bond” rating five notches below investment-grade status — from “Ba3,” which is three notches below investment-grade status.
The stock has been down to 91 cents this morning, but it’s back up just over a dollar.
[Link: Yahoo Business]
