| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for Wolverine World Wide, Inc. > News item |
S&P changes Wolverine World Wide view
S&P said it affirmed its BB+ corporate credit rating on Wolverine World Wide Inc. and revised the outlook to stable from negative.
At the same time, the agency affirmed the BBB- issue-level rating on the company's first-lien credit facilities due to 2020. The recovery rating is unchanged at 1, indicating an expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default.
The agency also affirmed the BB+ issue-level rating on the company's senior notes maturing in 2026. The recovery rating is unchanged at 4, indicating an expectation of average (30%-50%; rounded estimate: 35%) recovery.
S&P said the revision reflects Wolverine's improving performance in 2018, as the agency projects margins will expand to around 11.5% by the end of the year, and leverage decreasing to 2.5x from 3.1x, excluding the environmental reserve, at the end of 2017.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.