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Brown Shoe Co. Inc. Recovery Rating Revised To '3' From '4'; 'B' Corporate Credit, All Other Ratings Affirmed
Standard & Poors, June 2010
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
We have increased the discreet asset valuation in our recovery analysis on St. Louis, Mo.-based footwear retailer Brown Shoe Co. Inc., because of higher recovery of revolver over-collateralization. We are revising our recovery rating to '3', indicating a meaningful (50%-70%) expectation of recovery, from '4'. At the same time, we are affirming all other ratings on the company, including our 'B' corporate credit rating. The positive rating outlook reflects our expectation for on-going performance gains. NEW YORK (Standard & Poor's) June 30, 2010--Standard & Poor's Ratings Services said today that it revised its recovery rating on St. Louis, Mo.-based footwear retailer Brown Shoe Co. Inc.'s senior unsecured notes to '3', indicating a meaningful (50%-70%) expectation of recovery, from '4'. At...
Companies mentioned in this report are: Brown Shoe Co. Inc.
Action: Affirmed
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