Moody’s downgraded Big Foot’s corporate family rating to Ba2 from Ba1 while maintaining a negative outlook, following the retailer’s disappointing Q2 results and lowered guidance for the year. The ratings agency now expects FL’s adjusted leverage to rise to 2.8x this year from 2.4x at the end of Q2, before improving to 2.7x next year. Earnings are projected to recover next year due to less promotional activity and cost savings initiatives, but they’re expected to remain well below historical levels, Moody’s believes. The pause ... Log in to view full article.