The outlook for Under Armour has been changed by Standard & Poor’s from negative to stable based on the company’s improved financial metrics, while its issuer credit rating has been kept at BB. S&P expects UA’s debt/Ebitda ratio to decline from 2.7 times in 2020 to below 2.0 times by the end of this year as most of the restructing process is about to be completed. The rating agency expects that the company will use its $1.3 billion cash board for investments in the business, a possible tuck-in acquisition or to buy back some of its $500 million worth of convertible notes before it matures in December 2022. The agency praised the management for its reduction in discounting and sales to the off-price channel, its revamped brand marketing strategy and UA’s recent solid product launches.