Moody’s Ratings changed its debt ratings outlook on Great Outdoors Group, LLC (GOA), the parent name of Bass Pro Group,, to “stable” from “negative.” The upgrade was provoked by “improved operating performance and earnings growth, driven by moderately stronger demand, improved efficiencies and productivity initiatives in the boating business, as well as solid performance in the retail and hospitality segments.”

The rating agency said these factors reduced Moody’s adjusted debt to EBITDA to 5.5x for the LTM ended March 28, 2026, from 5.7x in 2025.

Moody’s said the “affirmation reflects GAO’s good interest coverage, with EBITA to interest of 2.3x, and very good liquidity. It also reflects our expectation that leverage will continue to decline through earnings growth, supported by ongoing efficiencies and productivity initiatives, increased penetration of owned brands, and the company’s leading market position in the fiercely competitive sporting goods sector.”

Moody’s also reaffirmed Bass Pro’s Ba3 corporate family rating (CFR), its Ba3-PD probability of default rating (PDR) and its B1 senior secured term loan rating.

Ratings Rationale
Moody’s said, “GAO’s Ba3 CFR is supported by its well-recognized brand names and leading position in the outdoor recreational products retail sector. The company’s margins benefit from its sizable and stable club credit card income stream and significant owned brand penetration. In addition, GAO’s business model as a destination experiential retailer sets it apart from mass market and big box competitors that do not provide the level of in-store customer service that is the foundation underpinning its loyal customer base. Further, its diverse product assortment and value price points somewhat mitigate earnings pressure in economic downturns.

“Partially offsetting these strengths are GAO’s moderately high leverage with Moody’s adjusted debt to EBITDA of 5.5x for LTM ended March 28, 2026 down from 5.7x in fiscal 2025 and EBITA/interest at 2.3x from 2.1x for the same period. This improvement in credit metrics reflects better earnings in the company’s boating and fishing/marine, retail and hospitality segments, bolstered by continued growth in its club credit card business. We expect operating performance to continue to improve over the next 12 months driven by increased penetration of GAO’s owned brands, along with continued focus on cost controls and productivity improvements. We also recognize the company’s aggressive financial strategies, including the historic use of cash flow and incremental debt for the redemption of preferred and common equity interests, issued by GAO’s parent and member distributions primarily for tax purposes. We expect the company to engage in opportunistic acquisitions which could raise leverage.

“GAO will have very good liquidity over the next 12 months, as evidenced by its historically good free cash flow and a largely available $1.275 billion asset based lending (“ABL”) facility that expires in 2030. As of March 28, 2026, the company had high unrestricted balance sheet cash and no near term debt maturities.”

The report noted that Bass Pro generates in excess of $7.7 billion in annual revenue. Bass Pro operates the Bass Pro Shops and Cabela’s retail chains, manufactures boats under the Tracker, Mako, Tahoe, Nitro, Ranger Boats, and Triton brand names; and owns the Big Cedar Lodge in Ridgedale, Missouri, Cheeca Lodge in Islamorada, Florida and Big Cypress Lodge in Memphis, Tennessee.

Image courtesy Bass Pro