S&P cut the Eager Beavertons’ long-term issuer credit rating and unsecured issue-level ratings from A+ to A, and affirmed their A-1 short-term and commercial paper ratings, and now expects turnaround efforts to extend beyond the firm’s previous forecast. The ratings agency’s outlook on Nike is negative. S&P expects sales to drop more than 7% in FY ‘27, raising red flags around sportswear and Jordan streetwear’s heavy discounting to clear excess inventory and noting the two categories account for more than 60% of total sales. This is compounded by China’s 26% plunge ... Log in to view full article.