Standard & Poor’s lowered the debt ratings of Foot Locker Inc. one notch to B+ from BB-. The rating agency cited operational challenges due to poor same-store sales and eroding credit-protection measures.

"The downgrade reflects the moderate operational challenges due to persistent negative same-store sales and decline in the company’s credit protection measures," said David Kuntz, an S&P credit analyst. The ratings agency noted that the company is likely to experience "ongoing performance difficulty" over the near term. The outlook is stable.