S&P affirms Foot Locker

Standard & Poor’s said it affirmed all of its ratings, including its BB+ corporate credit rating, on Foot Locker Inc. The outlook is stable.

At the same time, S&P revised the recovery rating on the company’s senior unsecured debt to 3 from 4, which results in the issue-level rating remaining at BB+. The 3 recovery rating indicates an expectation for meaningful recovery in the event of default at the low end of the 50% to 70% range.

“We revised our assessment of Foot Locker’s business risk profile to ‘satisfactory’ from ‘fair,’ reflecting the company’s track record of growing market share and its ability to consistently deliver products that resonate with consumers,” S&P credit analyst Andrew Bove said in a news release.

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