Moody’s lowers Shoes for Crews

Moody's Investors Service said it downgraded SHO Holding I Corp.’s (Shoes for Crews) corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and first-lien credit facilities to B3 from B2.

The outlook was changed to negative from stable.

Moody’s said the downgrade reflects the company's weaker-than-expected operating performance that, when combined with high debt levels and negative free cash flow, has resulted in high leverage and a weakened liquidity position.

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