Foot Locker Downgraded by Moody’s
Big Foot’s corporate family rating and probability of default rating were cut to Ba3 from Ba2, while its senior unsecured notes were lowered to B1 from Ba3. Moody’s changed its outlook on the retailer to stable from negative, following the move. The ratings agency believes FL’s earnings and cash flow recovery will take longer than previously anticipated, impacted by the promotional retail environment ... Log in to view full article.
