S&P: Genesco on developing watch

Standard & Poor's said it placed its ratings, including the BB- corporate credit rating, on Genesco Inc. on CreditWatch with developing implications.

This rating action follows the announcement that Foot Locker Inc. (BB+/Watch negative) has launched a bid to acquire Genesco for $1.2 billion, the agency noted.

If any downgrade to Foot Locker is limited to two notches, S&P said it would raise the rating on Genesco to the Foot Locker level if the transaction is completed.

Genesco has responded that it intends to consider the proposal with the assistance of its financial advisor, Goldman, Sachs & Co., the agency added.

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