S&P Global said that WWW’s high-5x adjusted leverage led it to cut its issuer credit rating to BB- from BB and lower its ratings on the company’s $1 billion revolver and $200 million term loan to BB from BBB-. The outlook is stable, as adjusted leverage is expected to remain above 4x through the end of 2023, though improving results should help lower it from current levels. The ... Log in to view full article.