S&P revises Caleres senior notes recovery rating to 4

Standard & Poor’s said it revised its recovery rating on Caleres Inc.’s $200 million senior notes to 4 from 3, which does not result in a change to the BB issue-level rating. The 4 recovery rating indicates an expectation for moderate recovery at the high end of the 30% to 50% range.

The rating action reflects the upsizing of the company’s ABL revolver to $600 million from $530 million, S&P said in a news release.

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