S&P upgrades Wolverine Worldwide to 'B+'; outlook stable

S&P Global Ratings has upgraded Wolverine Worldwide's $600 million revolving credit facility to 'BB-' from 'B+', citing the company's debt-reduction efforts and improved credit profile according to S&P's analysis. The rating agency attributed the upgrade to Wolverine's repayment of its term loan A facility and the reduction of its revolver commitment, which lowered secured debt exposure under default scenarios. The revised recovery rating for the revolver was raised to '1', reflecting S&P's expectation of 90–100% recovery in the event of a payment default.

S&P affirmed its 'B-' issue-level rating on Wolverine's $550 million senior unsecured notes due 2029, with a '5' recovery rating unchanged, indicating an anticipated 10–30% recovery in default scenarios. The agency also withdrew its prior ratings for the repaid term loan A facility. While Wolverine's issuer credit rating of 'B' and stable outlook remain unchanged, S&P noted the company's adjusted leverage ratio had improved to 5x for the 12 months ended June 28, 2025, with total debt outstanding at approximately $708 million.

Wolverine's capital structure now includes a $600 million revolver maturing September 2030, a $125 million accounts receivable securitization facility (classified as priority debt), and $550 million in senior unsecured notes according to the latest analysis. The upgrades follow a September 2025 debt refinancing that extended loan maturities and eliminated the term loan A as reported by financial sources. Analysts highlight the refinancing as a step toward strengthening Wolverine's financial flexibility, though risks remain tied to wholesale channel dependence and macroeconomic pressures according to market analysis.