Moody's upgrades Caleres

Moody's Investors Service said it raised Caleres, Inc.'s ratings, including the corporate family rating to Ba3 from B1 and senior unsecured notes rating to B1 from B2. The speculative grade liquidity remains SGL-1 and the outlook was changed to stable from positive.

“The upgrades reflect Caleres' earnings growth coming out of the coronavirus pandemic as well as governance considerations, specifically recent debt repayment. During 2021, the company reduced its debt significantly below pre-pandemic levels. In August 2021, Caleres redeemed $100 million of its senior unsecured notes, and it has also notified holders of its intent to redeem the remaining notes in full in January 2022. All ratings will be withdrawn upon redemption of the rated debt,” Moody’s said in a press release.

The outlook reflects a forecast for solid earnings performance and very good liquidity, the agency said.

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