Moody's changes Kohl's outlook to stable

Moody's Ratings said it changed Kohl's Corp.'s outlook to stable from negative and affirmed its corporate family rating at Ba2, its probability of default rating at Ba2-PD and its senior unsecured ratings at Ba3. Its speculative grade liquidity rating remains unchanged at SGL-2.

“The affirmations and stable outlook reflect improved execution by its new leadership, particularly in merchandising and inventory management, during a difficult consumer environment in 2023. Moody's Ratings expects Kohl's to continue to make operational progress with the benefits of sales stabilization and gross margin improvement to mainly offset the negative impact of the cap on credit card late fees later this summer,” the agency said in a press release.

Moody's said it expects Kohl's to continue reducing debt with leverage to be about 4.2x at the end of 2024.

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