S&P downgrades Calceus

Standard & Poor's said it lowered its corporate credit rating on Calceus Acquisition Inc. to B- from B.

The outlook is stable.

At the same time, the agency downgraded its issue-level ratings on the company's $320 million first-lien term loan due 2020 to B- from B and revised the recovery rating to 4 from 3, reflecting an expectation of average (30% to 50%, in the lower half of the range) recovery in the event of a payment default.

"The downgrade on Calceus Acquisition Inc. reflects the company's continuing high financial leverage because of declines in its wholesale segment and significant debt burden," S&P credit analyst Suyun Qu said in a news release.

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