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S&P upgrades Caleres
Standard & Poor’s said it raised the corporate credit rating on Caleres Inc. to BB from BB-.
The agency also said it raised the rating on the $200 million senior unsecured notes to BB from BB-. The recovery rating is 3, indicating 50% to 70% expected default recovery.
The outlook is stable.
The upgrades reflect the company’s good, stable operating performance over the past 12 months with gradually improving credit metrics, S&P said.
The positive operating performance and credit metric trends are expected to continue over the next 12 to 24 months, the agency said.
S&P also said it believes the company’s financial policy will remain relatively unchanged.
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