OREANDA-NEWS. S&P Global Ratings lowered its corporate rating on Exeter, N. H.-based Performance Sports Group Ltd. to 'CCC' from 'CCC+'. The outlook is negative.

At the same time, we lowered our issue-level ratings on the company's $450 million term loan due 2021 to 'CCC' from 'CCC+'. The recovery rating remains '4', indicating our expectation for an average (30% -50%) recovery in the event of payment default, at the lower half of the range.

"The downgrade reflects our view that PSG will likely experience a near-term liquidity shortfall or debt restructuring within the next 12 months," said S&P Global Ratings credit analyst Bea Chem.

As of Feb. 29, 2016, we estimate that the company had about $493.3 million of adjusted debt outstanding.