Standard & Poor’s has upgraded its outlook for Wolverine Worldwide to stable and confirmed its BB issuer credit, while raising the rating on its senior secured credit facility to BB+. This came after Wolverine repayed a $171 million, 364-day loan contracted because of the coronavirus pandemic and reported better-than-expected results for its fourth quarter. The rating agency praised the reduction in debt/equity leverage from over four times to the high 3X range and the company’s recent recovery in (adjusted) profitability. S&P expects the company to see healthy demand for its products and growth in its digital channels, although 2021 will continue to be a disrupted and challenging year for the industry. While posting a sales decline of 21.2 percent for the year ended Jan. 2, Wolverine predicted that its sales would increase by between 22 and 26 percent this year.