Without offering specifics on sales and earnings, the ratings agency lowered the outlook to stable from positive as the big box chain said muted sales growth and dollar margins in H1 combined with slower economic growth and a 30-35% chance of a recession in the next year mean that Bass Pro’s leverage is likely to remain in the low- to mid- 5X range. Prior, S&P had expected leverage to improve to the high 4X to low 5X range.

It added that Bass Pro remains a well-positioned retailer that will be able to grow EBITDA and repay debt modestly. Sales and EBITDA ... Log in to view full article.