Under Armour 10-year Unsecured Bonds Tick Down to 88

Under Armour issued $600 million in 10-year unsecured bonds in June 2016.
Right now those bond holders are freaking out.

"These notes last traded at 88.102, down from 92.299 on Tuesday, according to MarketAxess. Moody’s Investors Service on Wednesday affirmed Under Armour’s credit rating at Baa2, or two notches above junk status, but lowered its outlook on company’s credit to negative." - WSJ

What is there to worry about? Quite a lot I am afraid.