S&P revises CWGS Enterprises view to negative

S&P said it revised its outlook on CWGS Enterprises LLC (Camping World Inc.) to negative and affirmed its BB- issuer credit rating.

At the same time, the agency affirmed the BB+ issue-level rating, with a 1 recovery rating, on subsidiary CWGS Group LLC's senior secured debt.

“The negative outlook reflects our revised forecast for total operating lease-adjusted debt to EBITDA deteriorating to the mid-4x area in 2018, potentially improving to the mid- to high-3x area in 2019. These measures are weak compared to our 4x downgrade threshold for Camping World,” S&P said in a news release.

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