Debt rating of Backcountry.com’s parent under review by Moody's
The debt ratings of a unit of Liberty Media (NYSE: LINTA and LCAPA), parent of Backcountry.com, are under review for possible downgrade after the company unveiled plans to spin off its entertainment and interactive businesses.
Moody's Investors Service said about $4.3 billion of debt at Liberty Media would be affected.
Liberty Media trades under the tracking stocks Liberty Capital Group, Liberty Starz Group and Liberty Interactive Group. The announced transaction would split off Liberty Capital and Liberty Starz into a new company. Liberty Media would be left with Liberty Interactive Group, which includes Backcountry.com.
Moody's analyst John Puchalla wrote in a client note that the spin off would leave Liberty Media without the assets of Liberty Capital and Liberty Starz to back up its debt. It changed the outlook to "under review" from "stable."
Jarden declares cash dividend
Jarden Corp. (NYSE: JAH) declared a regular quarterly cash dividend of $0.0825 per share of the company's common stock. It is payable on July 30 to stockholders of record on July 1.
Jarden is the parent of Coleman, K2, Marmot and Marker, among others.
--Compiled by Wendy Geister
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