S&P: Collective Brands view to positive

Standard & Poor's said it revised the outlook on Collective Brands Inc. to positive from stable, and affirmed its B+ corporate credit rating.

The outlook revision reflects the stable performance over the past year, expectation for modest improvements in the near term and an enhanced credit protection profile due to operational gains and debt repayment, S&P said.

The ratings also consider the company's participation in the highly competitive and extremely fragmented footwear industry, a view that persistent high unemployment may hurt operations and fair credit protection metrics, the agency said.

Although performance improved for the first quarter in 2010, top line trends were below expectations, S&P said.

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