A fast-growing ammunition market in the U.S. due to the anxiety caused by the coronavirus pandemic and the trend toward outdoor activities is leading to better financial prospects for Vista Outdoor, which is also the owner of “quieter” international brands like Camelbak, Bell and Giro. As a result, Moody’s is upgrading once more the group’s credit rating. The rating agency had already changed its outlook for Vista from positive to negative in Oct. It has now continued its revision by switching its corporate family rating from B2 to B1, with commensurate upgrades for its debt. Growing profits and an aggressive debt paydown in the last two years have combined with improved earnings to reduce the outlook for its debt/Ebitda ratio to 1.7 times. Thanks to a large backlog of ammunition orders, Vista is seen likely to raise its Ebitda to between $290 million and $300 million in the financial year ending in March 2022 on sales of $2.2 billion. Vista still has an undrawn revolving credit of $400 million and no debt maturities until 2023. The company expects to discuss “matters of strategy” when it releases its third-quarter results in February.