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Shares of Under Armour (NYSE: UAA)(NYSE: UA) were falling today as the company received a downgrade from Moody's, the latest sign of trouble at the sports apparel retailer. As of 3:07 p.m. EDT on Thursday, Class A shares (UAA), which hold voting rights, were down 7.9%, while nonvoting Class C shares (UA) were down 10.5%.
Image source: Under Armour.
The ratings agency lowered its corporate family rating on Under Armour from Ba1 to Ba2, putting it further into junk territory, and it gave the company a negative outlook.