S&P revises Wolverine World Wide view to negative

S&P said it revised its outlook on Wolverine World Wide to negative from stable and affirmed all ratings, including the BB+ issuer credit rating.

The negative outlook reflects the potential for a downgrade if the company's leverage is sustained at or above 3x. This could occur if the company's share repurchase plan is accompanied by operating performance that is weaker than S&P expects, S&P said.

“The outlook revision reflects S&P Global Ratings' view that there is little cushion in the WWW rating to absorb declines in operating performance given its elevated leverage,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.