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Thor Industries, Inc. -- Moody's changes Thor Industries outlook to negative; affirms Ba2 CFR

Moody's Investors Service ("Moody's") affirmed ratings for Thor Industries, Inc. ("Thor"), including the Ba2 Corporate Family Rating (CFR), the Ba2-PD Probability of Default Rating and the Ba2 senior secured rating. This will lead to further topline and earnings pressures, a weaker set of credit metrics, and more elevated financial leverage. The rating favorably considers Thor's strong competitive standing in North America and Europe, a portfolio of well-known brands, and the company's broad RV offering that touches multiple price points and segments.