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Brown Shoe Co. Inc.
Standard & Poors, March 2009
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: Full Analysis
Abstract
Largest specialty family footwear retailer in the U.S.; and Diversified sourcing and wholesale customer base. Participation in the intensely competitive, mature, and fragmented wholesale and retail footwear industry; Recent operating performance below expectations; Low profitability relative to peers; and Substantial leverage and thin credit protection metrics. The speculative-grade ratings on Brown Shoe Co. Inc. reflect Standard & Poor's Ratings Services' analysis of the company's participation in the mature, competitive, and fragmented wholesale and retail footwear business; recent weak operating performance; low operating margins relative to those of its peers; and credit protection measures that are somewhat below average for the rating category. Standard & Poor's expects operations to remain particularly challenged over the near term. The significant drop in consumer...
Companies mentioned in this report are: Brown Shoe Co. Inc.
Action: Review
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