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SMALL BUSINESS
S&P lowers Foot Locker corporate credit rating
AP
NEW YORK -Standard & Poor's Ratings Services said Monday it lowered its corporate credit rating on Foot Locker Inc. because of tough credit and weak sales at stores open more than one year.
S&P said the company is having trouble posting robust sales growth, despite improvements to margins. "As a result, Foot Locker's leverage metric has eroded moderately after making some improvements earlier this year," S&P said.
S&P lowered the corporate credit rating on Foot Locker to "B+" from "BB-" and said a stable outlook reflects S&P's expectation that performance and credit measures will weaken in the near-term.
Last week, Foot Locker reported a loss for the third quarter because of soft consumer spending. Foot Locker also wrote down the value of its assets by $22 million during the quarter.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-23 16:30:55
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