Wolverine Worldwide Gets Negative Outlook from Moody’s
The ratings agency said that the risk of elevated leverage led it to revise WWW’s outlook to negative from stable, as it considers a possible future ratings cut. For now, it affirmed the company’s Ba2 corporate family rating, Ba3 rating on its senior unsecured notes, and left its other ratings unchanged. WWW used its revolver to fund an increase in inventory, resulting in a 5.9x adjusted debt/EBITDA, and ... Log in to view full article.