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S&P cuts Caleres
S&P said it downgraded Caleres Inc. to B+ from BB- and the company’s senior unsecured notes to B from BB-.
The agency said it revised the recovery rating to 5 from 3 based on the company’s recent upsize and draw.
“We expect severely pressured operating results will cause Caleres' credit metrics to deteriorate significantly this year, with lingering effects through 2021. As a result of the coronavirus outbreak, Caleres announced the temporary closure of all its Famous Footwear and Brand Portfolio stores across North America from mid-March through an unspecified date,” the agency said in a press release.
The outlook is negative.
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