The ratings agency cut Wolverine’s issuer credit rating to B from B+ due to its weaker-than-expected 2023 results, and maintained a negative outlook on the Merrell and Saucony parent. In addition, the issue-level rating on WWW’s senior secured credit facilities was lowered to B+ from BB- and on the senior unsecured notes to B- from B. With total revenue down nearly 17% and EBITDA margins that are below the footwear industry average, S&P expects leverage will remain above 5x for longer that previously projected, ... Log in to view full article.