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Brown Shoe Co. Inc. Senior Unsecured Notes Rated 'B+'
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) April 27, 2011--Standard & Poor's Ratings Services said today that it assigned its 'B+' ratings to Brown Shoe Co. Inc.'s $150 million senior unsecured notes due 2019. The recovery rating on the debt instrument is '3', reflecting our expectation for meaningful (50%-70%) recovery of principal in the event of a payment default. According to the company, it will use the net proceeds to refinance its existing senior unsecured notes which mature in May 2012. The issue rating is the same as our corporate credit rating on Brown Shoe, which remains unchanged. (For the complete corporate credit rating rationale, see the summary analysis on Brown Shoe, published March 24, 2011, on RatingsDirect.) RELATED CRITERIA AND RESEARCH...
Companies mentioned in this report are: Brown Shoe Co. Inc.
Action: New Rating
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