Favorable trends in U.S. outdoor activity and Vista Outdoor’s good competitive position with leading brands in various niches of the market have led Moody’s to change the group’s debt rating from negative to positive, following an improvement in its Ebitda margin. Vista’s brand portfolio includes Camelbak, Bushnell, Camp Chef, Primos, Bell, Giro and others. The completion of its latest restructuring efforts helped Vista to reach a relatively low debt/Ebitda ratio of 3.4 times in the 12 months through June 2020. However, this was before accounting for new debt used to fund its recent acquisition of many of Remington’s ammunition assets. While Moody’s thinks that Vista’s Ebitda will improve over the next 12 to 18 months because of a surge in U.S. demand for ammunition, the rating agency feels that the surge will be temporary, making it difficult for the company to keep debt levels below four times Ebitda.