Both ratings agencies cited CAL’s recent upsizing and 100% drawdown of its now $600 million asset-based revolver in their rationale for downgrade. Moody’s downgraded CAL’s corporate family rating to B1 from Ba3, while Standard & Poor’s cut its issuer credit rating to B+ from BB-, and both agencies also lowered the retailer’s other ratings and gave it a negative outlook. As with other recent downgrades, the agencies see Covid-19 related store closures transitioning into a ... Log in to view full article.