S&P lifts Genesco

Standard & Poor's said it raised its corporate credit rating on Genesco Inc. to BB- from B+.

At the same time, the agency said it withdrew its issue-level ratings on the company's subordinated debt because the company has either converted or repaid the issue.

The outlook is stable.

"The upgrade reflects the company's stable performance over the past year during a challenging retail period and the substantial improvement in its credit protection metrics from the repayment and conversion of funded debt," said S&P credit analyst David Kuntz.

The stable outlook reflects its expectation that operations should modestly improve over the near term and that credit metrics are likely to remain in line with recent levels, the agency added.

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