Gibson Brands’ debt burden, due in part to its acquisition of consumer electronics companies, also contributed to the downgrade.
“Nashville-based Gibson Brands had its credit rating downgraded this week thanks in part to the poor consumer reception of its 2015 model guitars. Gibson was downgraded by Moody’s Investors Service, which also put the rating on a negative outlook in a strikingly negative report. The rating was downgraded from B3 to Caa1.”
