Wolverine’s Lowered Guidance Earns Moody’s Downgrade
The ratings agency cut WWW’s corporate family rating to Ba3 from Ba2, and lowered its rating on the company’s senior unsecured notes to B1 from Ba3, with a negative outlook. The move came in response to Wolverine’s guidance cut to a level below Moody’s own projections. But a temporary spike in adjusted debt/EBITDA to 6.1x at year-end is expected to ... Log in to view full article.
