Oct. 3 at 7:28 PM
Moody’s has upgraded Wolverine World Wide’s credit ratings, reflecting significant progress in the company’s turnaround efforts that improved operating income and credit metrics. The corporate family rating rose to B2 from B3, probability of default to B2-PD from B3-PD, and senior unsecured global notes rating to B3 from Caa2. Speculative-grade liquidity remains at SGL-3 with a stable outlook.
As of June 30, 2025, Wolverine’s Moody’s-adjusted debt/EBITDA improved to 5.3x from 6.4x at the end of 2024, while the EBITA/interest coverage strengthened to 2.8x from 1.8x. Sales increased for the company’s two largest brands, Merrell and Saucony, which together accounted for 63% of total revenue over the past 12 months. Product innovation and broad distribution drove growth in both performance and lifestyle categories.
$WWW