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There are other challenges for strategic players. With the Genesco deal, Standard & Poor's Ratings Services said it would keep Foot Locker on "CreditWatch with negative implications."
"Because Standard & Poor's expects that a significant portion of the $1.2 billion acquisition price could be funded with debt," said Standard & Poor's credit analyst David Kuntz, "this would result in a deterioration of Foot Locker's credit metrics and a likely downgrade."
The ratings firm said in a statement that it placed the ratings for Genesco on CreditWatch with "developing implications."
"If any downgrade to Foot Locker is limited to two notches," said Kuntz, "we would raise the rating on Genesco to the Foot Locker level if the transaction is completed."