New York, September 17, 2015 -- Moody's Investors Service today downgraded Quiksilver, Inc.'s ("Quiksilver") Probability of Default rating to Ca-PD from Caa2-PD and assigned a limited default ("/LD") designation to reflect the September 9, 2015 commencement of voluntary proceedings for relief under chapter 11 of the United States Bankruptcy Code for its U.S. subsidiaries ("Debtors"). Moody's also downgraded the ratings on the company's $280 million secured notes due 2018 to Ca from Caa1 and $225 million unsecured notes due 2020 to C from Ca. Quiksilver's Caa2 Corporate Family Rating was affirmed, and the company's Speculative Grade Liquidity rating was unchanged at SGL-4. The rating outlook is developing. Subsequent to today's actions, Moody's will withdraw all ratings on Quiksilver's U.S. entities due to bankruptcy. Please refer to Moody's Withdrawal Policy on moodys.com.

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