S&P: Genesco outlook stable

Standard & Poor's said it revised its outlook on Genesco Inc. to stable from negative and affirmed all ratings on the company, including the B+ corporate credit rating.

The outlook revision to stable reflects the company's ability to drive margins higher in the difficult retail environment coupled with the recent announcement that it will convert $56.4 million of debt into common stock, the agency said. Pro forma for the transaction, S&P estimates that debt to EBITDA would be 4.5 times as of Jan. 31.

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