S&P lifts Caleres

S&P said it raised its ratings for Caleres Inc. to BB- from B+ and changed the outlook to stable from positive.

“The upgrade reflects our view that the company's S&P Global Ratings-adjusted leverage will sustain at about mid-2x this year, moderating toward low-2x in 2024. We expect Caleres' adjusted leverage to tick up modestly toward mid-2x in 2023, compared with 2.1x at year-end 2022 as EBITDA margins remain pressured from a moderating yet still volatile operating environment,” the agency said in a press release.

The outlook reflects a forecast that Caleres will maintain steady operating trends over the next 12 months despite top-line pressure from declining consumer demand trends, leading to S&P Global Ratings-adjusted leverage to remain in the low- to mid-2x range, S&P said.

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