Outdoor financials: S&P places Backcountry.com parents’ rating under review, plus Garmin
The S&P said it's reviewing its credit ratings on Liberty Media Corp. because of Liberty's spinoff plans, and Garmin said it’s completed the transfer of its place of incorporation to Switzerland from the Cayman Islands.
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S&P places Backcountry.com parents’ rating under review
Standard & Poor’s Ratings Services said it has placed its credit ratings on Liberty Media Corp. (NYSE: LINTA and LCAPA) under review because of Liberty’s spinoff plans. Liberty is the parent of Backcountry.com.
The agency said Liberty Media’s plans to split Liberty Capital and Liberty Starz into a new company could change its ratings because the way the company’s unsecured debt will be handled will be “meaningfully different” under the new structure.
Liberty Interactive Group, which houses Backcountry.com, holds a stake in media properties including the QVC television shopping channel. Liberty Starz Group holds interests in movie channel Starz Entertainment, and Liberty Capital Group has interests in Sirius XM Radio, among others.
Garmin completes transfer to Switzerland
Garmin (Nasdaq: GRMN) said it’s completed the transfer of its place of incorporation to Switzerland from the Cayman Islands.
As part of the move, each outstanding share of Garmin Ltd. was exchanged for one share of a newly formed Swiss holding company by the same name. Shares of the new company are listed on the Nasdaq Global Select Market under the same symbol, “GRMN.” The company’s operational headquarters remain in Olathe, Kan.
–Compiled by Wendy Geister
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