S&P Global affirmed Big Foot’s BB+ issuer credit rating and issue-level rating, but downgraded its outlook to negative from stable, following the retailer’s disappointing Q1 results and lowered guidance for the year. The ratings agency now expects FL’s adjusted leverage to rise to mid-2x this year from 1.8x at the end of fiscal 2022, then moderate toward the low-2x area in 2024. Despite the excess cash generated from selling ... Log in to view full article.