The ratings agency downgraded CAL’s issuer credit rating to BB- from BB due to the retailer facing margin pressures and outstanding debt reaching $220 million in FY 24, resulting in adjusted leverage growing to 2.2x. The outlook is stable. S&P anticipates adjusted leverage will increase further to the mid-2x area in FY 25 due to margin pressures arising from weak demand and high supply chain costs stemming from higher tariffs, as well as elevated draws on its revolving credit facility to fund ... Log in to view full article.