Rug Retailer Runner Buyer Cut to Ca After Debt-Payments Miss

Rug retailer Runner Buyer Inc.’s corporate credit rating was cut by Moody’s to Ca from Caa3 after missed debt payments.

• The company didn’t make interest payments on both revolving credit facility and term loan within the grace period, according to a Moody’s report
  • The rating firm view the missed payments as a default
• Runner Buyer has also been impacted by “depressed demand due to a challenged discretionary consumer spending environment and a sustained drop in home sale activity,” wrote the analysts
  • “Given the unsustainably high leverage and recent inability to pay interest, we expect a restructuring of the capital ...