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Rating Action: Moody’s downgrades Briggs & Stratton’s PDR to D-PD afterward Chapter 11 filing

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New York, July 20, 2020 — Moody’s Investors Service, (“Moody’s”) downgraded Briggs & Stratton Corporation’s (“Briggs & Stratton”) anticipation of absence appraisement (PDR) to D-PD from Ca-PD afterward the company’s July 20, 2020 advertisement that it has filed autonomous petitions for about-face beneath Chapter 11 of the U.S. Defalcation Code[1]. Moody’s additionally downgraded the company’s accumulated ancestors appraisement (“CFR”) to Ca from Caa3, and the chief apart debt appraisement (to C from Ca). The Speculative Grade Liquidity Appraisement (SGL) charcoal SGL-4. The ratings angle was afflicted to abiding from negative.

Briggs & Stratton has additionally acquired $677.5 actor in DIP financing, with $265 actor committed by KPS Capital Partners, LP (“KPS”) and the actual $412.5 from the company’s absolute accumulation of ABL lenders. Briggs & Stratton additionally entered into a absolute banal and acquirement acceding with an associate of KPS to admission essentially all of the company’s assets and accept assertive liabilities, accountable to college bids from added abeyant purchasers.

“The downgrades reflect Briggs & Stratton’s abundant balance abatement and disability to accomplish absolute anniversary chargeless banknote breeze which, affronted by the coronavirus outbreak, accelerated the company’s absent absorption acquittal and ultimately, defalcation filing,” said Moody’s Vice President, Gigi Adamo. “Absent the defalcation filing, the cessation of the absent absorption acquittal adroitness aeon on the company’s $195 actor outstanding addendum due December 2020 would accept accustomed noteholders to beforehand the acquittal of arch and accrued interest,” Adamo added.

…. Anticipation of Absence Rating, Downgraded to D-PD from Ca-PD

…. Accumulated Ancestors Rating, Downgraded to Ca from Caa3

….Senior Apart Regular Bond/Debenture, Downgraded to C (LGD5) from Ca (LGD4)

The decline of the PDR to D-PD reflects the company’s defalcation filing. The appraisement downgrades and change in angle to abiding reflects Moody’s appraisal of the accepted accident amount for the apart addendum and the accumulated activity all-embracing aloft ultimate resolution of the absence event.

Subsequent to today’s actions, Moody’s will abjure the ratings due to Briggs & Stratton’s defalcation filing. Amuse accredit to the Moody’s Investors Service Policy for Withdrawal of Acclaim Ratings, accessible on its website, www.moodys.com.

The accelerated beforehand of the coronavirus outbreak, breakable all-around bread-and-butter outlook, low oil prices and aerial asset amount animation accept created an aberrant acclaim shock above a ambit of sectors and regions. Moody’s commendations the coronavirus beginning as a amusing accident beneath its ESG framework, accustomed the abundant implications for accessible bloom and safety. Today’s accomplishments reflect the appulse on Briggs & Stratton of the abasement in acclaim affection it has triggered accustomed its acknowledgment to the residential backyard affliction sector, which has larboard it accessible to accouterment in bazaar appeal and affect in these aberrant operating conditions.

The arch alignment acclimated in these ratings was Manufacturing Alignment appear in March 2020 and accessible at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1206079. Alternatively, amuse see the Appraisement Methodologies folio on www.moodys.com for a archetype of this methodology.

Headquartered in Wauwatosa, Wisconsin, about traded (NYSE: BGG) Briggs & Stratton Corporation is the world’s better ambassador of gasoline engines for alfresco ability accessories and is a arch designer, architect and banker of ability generation, burden washers, backyard and garden, accommodation affliction and job armpit products. Engines are acclimated primarily by the backyard and garden accessories industry. Revenue for the twelve months concluded March 29, 2020 totaled $1.7 billion.

For added blueprint of Moody’s key appraisement assumptions and acuteness analysis, see the sections Alignment Assumptions and Acuteness to Assumptions in the acknowledgment form. Moody’s Appraisement Symbols and Definitions can be begin at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or aegis this advertisement provides assertive authoritative disclosures in affiliation to anniversary appraisement of a after issued band or agenda of the aforementioned series, category/class of debt, aegis or pursuant to a affairs for which the ratings are acquired alone from absolute ratings in accordance with Moody’s appraisement practices. For ratings issued on a abutment provider, this advertisement provides assertive authoritative disclosures in affiliation to the acclaim appraisement activity on the abutment provider and in affiliation to anniversary authentic acclaim appraisement activity for balance that acquire their acclaim ratings from the abutment provider’s acclaim rating. For conditional ratings, this advertisement provides assertive authoritative disclosures in affiliation to the conditional appraisement assigned, and in affiliation to a absolute appraisement that may be assigned consecutive to the final arising of the debt, in anniversary case area the transaction anatomy and agreement accept not afflicted above-mentioned to the appointment of the absolute appraisement in a abode that would accept afflicted the rating. For added advice amuse see the ratings tab on the issuer/entity folio for the corresponding issuer on www.moodys.com.

For any afflicted balance or rated entities accepting absolute acclaim abutment from the primary entity(ies) of this acclaim appraisement action, and whose ratings may change as a aftereffect of this acclaim appraisement action, the associated authoritative disclosures will be those of the angel entity. Exceptions to this admission abide for the afterward disclosures, if applicative to jurisdiction: Ancillary Services, Acknowledgment to rated entity, Acknowledgment from rated entity.

The ratings accept been appear to the rated article or its appointed agent(s) and issued with no alteration consistent from that disclosure.

These ratings are solicited. Amuse accredit to Moody’s Policy for Designating and Allotment Unsolicited Acclaim Ratings accessible on its website www.moodys.com.

Regulatory disclosures absolute in this columnist absolution administer to the acclaim appraisement and, if applicable, the accompanying appraisement angle or appraisement review.

Moody’s accepted attempt for assessing environmental, amusing and babyminding (ESG) risks in our acclaim assay can be begin at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At atomic one ESG application was actual to the acclaim appraisement action(s) appear and declared above.

The All-around Scale Acclaim Appraisement on this Acclaim Appraisement Advertisement was issued by one of Moody’s affiliates alfresco the EU and is accustomed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 branch 3 of the Regulation (EC) No 1060/2009 on Acclaim Appraisement Agencies. Added advice on the EU endorsement cachet and on the Moody’s appointment that issued the acclaim appraisement is accessible on www.moodys.com.

REFERENCES

[1] Anatomy 8-K (SEC) 20-Jul-2020

Please see www.moodys.com for any updates on changes to the beforehand appraisement analyst and to the Moody’s acknowledged article that has issued the rating.

Please see the ratings tab on the issuer/entity folio on www.moodys.com for added authoritative disclosures for anniversary acclaim rating.

© 2020 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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Additional agreement for Australia only: Any advertisement into Australia of this certificate is pursuant to the Australian Banking Casework License of MOODY’S affiliate, Moody’s Investors Service Pty Bound ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This certificate is advised to be provided alone to “wholesale clients” aural the acceptation of area 761G of the Corporations Act 2001. By continuing to admission this certificate from aural Australia, you represent to MOODY’S that you are, or are accessing the certificate as a adumbrative of, a “wholesale client” and that neither you nor the article you represent will anon or alongside advertise this certificate or its capacity to “retail clients” aural the acceptation of area 761G of the Corporations Act 2001. MOODY’S acclaim appraisement is an assessment as to the creditworthiness of a debt obligation of the issuer, not on the disinterestedness balance of the issuer or any anatomy of aegis that is accessible to retail investors.

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MJKK and MSFJ additionally advance behavior and procedures to abode Japanese authoritative requirements.

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