Standard & Poor's lowered the debt ratings of Foot Locker Inc. one
notch to B+ from BB-. The rating agency cited operational challenges
due to poor same-store sales and eroding credit-protection measures.
“The downgrade reflects the moderate operational challenges due to
persistent negative same-store sales and decline in the company's
credit protection measures,” said David Kuntz, an S&P credit
analyst. The ratings agency noted that the company is likely to
experience “ongoing performance difficulty” over the near term. The
outlook is stable.
