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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-06-30 00:00:00",
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      "text": "Minimal at best organic growth",
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      "text": "Source: Moody's",
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      "text": "Rating Action: Moody's changes Prestige's outlook to positive; CFR affirmed at B2",
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      "text": "New York, November 15, 2019 -- Moody's Investors Service (\"Moody's\") today changed the rating outlook for Prestige Brands, Inc.'s (\"Prestige\") to positive from stable. At the same time, Moody's affirmed Prestige's Corporate Family Rating (\"CFR\") at B2, its Probability of Default at B2-PD and its senior secured term loan at Ba3 (LGD5). Moody's also upgraded Prestige's existing senior unsecured notes to B3 (LGD5) from Caa1 (LGD5). Concurrently, Moody's assigned a B3 (LGD5) rating to the company's proposed $400 million unsecured notes due 2028. Proceeds from the new notes will be used to refinance the company's existing $400 million notes due 2021. Prestige's Speculative Grade Liquidity Rating remains at SGL-2. The rating outlook is positive.",
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      "text": "Moody’s rating action is based on the belief PBH will not complete a debt financed acquisition and revenue growth will remain flat to positive. This provides PBH with limited financial flexibility at a time when there is limited organic growth potential and no opportunity to acquire growth as they have in the past. Given our belief that revenue and earnings will begin to experience a terminal decline, we believe Moody’s rating does not reflect the most likely outcome.",
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      "text": "Limited Financial Flexibility",
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