Moody's lowered its rating for Caleres' liquidity because of the American shoe retailer's acquisition of Vionic for $360 million (see our previous issue) reduced the availability of cash under its $600 million asset-backed revolving credit. On the other hand, the rating agency felt that Caleres should be able to meet its target of paying down its debt in 12 to 18 months, thanks to Vionic's profits and the group's expected low-single-digit growth for the years.