In perspective, that cut is like attempting to grade various types of poop. While it can be done, you need to realize the macro perspective of what you are examining. While debt is a tool, the entire globe happens to be faced with a major debt issue and the whole debt/credit market is anything but calm. HK made a bunch of stupid debt moves in the past that are now biting them in the butt. Guess how many other companies are in the same boat?
I guess the point of your posting a 4 year old debt downgrade has completely escaped me. Besides being 4 years old, it is meaningless without taking into the context of how it compares with other firms in the same industry. I'd say based on the acquisition pace of the freedom group, HK isn't alone in the firearms industry. I also don't know the structure of HK as a business. They don't appear to be publicly traded based on my 30 second search.
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