Fitch revises Kohl’s to stable

Fitch Ratings said it affirmed its ratings on Kohl's Corp., including the issuer default rating at BBB+, and revised the outlook to stable from negative.

The outlook revision reflects the agency’s expectation that Kohl's operating performance will stabilize in 2015, and for leverage to be in the 2.3 times range over the next two to three years.

Fitch expects Kohl's top-line growth to be in the positive 1.5%-2% range, which reflects flat to modestly negative store level comparable store sales (comps) growth, versus negative 2% in 2014, and online sales growth in the mid-teens that would contribute roughly 150 bps to overall comps.

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