Moody’s Investors Service said it completed a periodic review of the ratings of Bass Pro Group, L.L.C and essentially affirmed the company’s Ba3 corporate debt rating.

Moody’s wrote,  “Bass Pro Group, L.L.C.’s Ba3 Corporate Family Rating reflects its many well-known proprietary brand names, its unique business model as a destination for the outdoor enthusiast, the positive impact of the 2017 acquisition of a key competitor, Cabela’s Incorporated, on margins due to material cost synergies. Bass Pro is expected to generate free cash flow to reduce debt. Ratings consider the discretionary and seasonal nature of many products, declining demand for hunting and shooting products, and continued integration of Cabela’s.”

The rating agency noted that Moody’s practice has been to issue a press release following each periodic review to announce its completion since January 1, 2019.  The review “reassessed the appropriateness of the ratings” but also said the review is not an indication of whether or not a credit rating action is likely in the near future. Moody’s wrote, “Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.”

Moody’s last affirmed Bass Pro Group, L.L.C’s Ba3 Corporate Family Rating, Ba3-PD Probability of Default rating, and B1 senior secured rating in October 2018 after the company proposed to increase its existing term loan due 2024 by $800 million. The rating agency’s outlook at the time was positive.