Moody's Investors Service is lowering Brown Shoe Co.'s outlook to “Stable” from “Positive,” citing the footwear company's weaker-than-expected second-quarter performance.

The ratings agency said Wednesday that its outlook accounts for the likelihood that sales and earnings growth at Famous Footwear and the company's wholesale brands will be “somewhat muted,” with most of the growth coming from its acquisition of American Sporting Goods.

Moody's ( MCO – news – people ) affirmed Brown Shoe's existing ratings including its “B2” corporate family rating and probability of default rating, “B3” senior unsecured notes rating, and “SGL-2” speculative-grade liquidity rating.

About $200 million in debt is affected.