Standard & Poors downgraded its ratings for Wolverine Worldwide’s debt and unsecured notes because of the likely impact of Covid-19 on its results. While the digital channel now represents about 30 percent of the group’s revenues, S&P forecasts that orders placed by its wholesale clients could drop by as much as 50 percent in 2020. Further disruption could come from key clients not surviving the recession, resulting in weaker cash generation. We have already reported on the measures taken by Wolverine to face the crisis. Nevertheless, the company said on April 29 that its board of directors has declared a quarterly cash dividend of 10 cents per share, the same as in the previous quarter, reflecting an annual dividend of 40 cents a share.