Moody’s has changed its outlook for Boardriders’ debt from stable to negative, considering the effects of Covid-19 in terms of temporary store closures and declines in discretionary consumer spending. With only $100 million in cash on its balance sheet and $15 million in credit availability as of May 20, the group is considered to have little liquidity. On the other hand, Moody’s has confirmed its previous ratings for the parent company of Quiksilver, Billabong and other brands, considering that it has the ongoing support of Oaktree Capital Management and other shareholders, and that it is in active discussions with lenders on covenant levels and additional liquidity.