S&P Global Ratings raised ASO’s issuer credit rating to BB+ from BB due to the retailer sustaining leverage below 2x despite soft demand. It also affirmed the company’s BB+ issue-level rating on its senior secured debt, with a stable outlook. Expense management initiatives will help Academy maintain relatively steady operating margins and healthy free cash flow over the next 12 months despite sales contracting around 4% in FY24, S&P believes. Adjusted leverage will now ... Log in to view full article.