S&P shifts Dillard’s view to stable

S&P said it revised Dillard’s Inc.’s outlook to stable from negative and affirmed all its ratings, including the BB- ratings on its senior unsecured notes.

“Dillard's performance sequentially improved over the past three quarters after being hit by the Covid-19 pandemic and we now believe it will be able to maintain credit measures commensurate with the rating,” the agency said in a press release.

The outlook reflects the position that Dillard’s limited balance sheet debt, free cash flow generation and leverage in the mid-2x area will provide financial flexibility as it continues to face sustained headwinds in the department store industry, S&P said.

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