Moody’s ups Wolverine World Wide

Moody's Investors Service said it upgraded Wolverine World Wide, Inc.'s ratings, including its corporate family rating to Ba1 from Ba2 and its probability of default rating to Ba1-PD from Ba2-PD.

The agency also upgraded the company’s senior unsecured notes due 2026 to Ba2 from Ba3.

The speculative grade liquidity rating was affirmed at SGL-1.

The outlook is stable.

"The upgrade reflects our expectation for continued improvement in operating performance and credit metrics over the next 12-18 months,” Moody's lead apparel analyst Mike Zuccaro said in a news release.

“Despite plans to increase investment between $40 million and $45 million in 2018, we expect Wolverine to drive continued revenue and profit growth that, together with positive free cash flow and lower debt levels, should lead to further improvement in credit metrics."

© 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.