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Brown Shoe Co. Inc. Rating Affirmed; Off Watch; $150M Senior Notes Assigned 'BB-' Rating
Standard & Poors, April 2005
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 14, 2005--Standard & Poor's Ratings Services today affirmed its 'BB' corporate credit rating on specialty footwear retailer and wholesaler Brown Shoe Co. Inc. The rating was removed from CreditWatch, where it was placed with negative implications on March 16, 2005. The outlook is negative. At the same time, Standard & Poor's assigned its 'BB-' rating to Brown Shoe's proposed $150 million senior unsecured notes due 2012. These notes, to be offered pursuant to Rule 144A with registration rights, are rated one notch below the corporate credit rating due to the substantial amount of priority debt in the capital structure (including borrowings from the company's $350 million secured revolving credit facility) relative to total assets....
Companies mentioned in this report are: Brown Shoe Co. Inc.
Action: Affirmed
Action: New Rating
Action: Removed From CreditWatch
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