The ratings agency raised CAL’s issuer credit rating to BB from BB- due to the retailer reducing its adjusted debt-to-EBIDTA toward the high 1x area, supported by improved margins and continued paydown of its asset-based lending facility. The outlook is stable. Though S&P anticipates top-line growth to be muted this year, it believes lower freight costs and tight expense management will help maintain steady operating margins and healthy free cash flow. Caleres also continued ... Log in to view full article.