We expect San Francisco-based specialty apparel retailer The Gap Inc.'s operating performance to recover at a faster pace than previously anticipated, driven by strength at Old Navy and Athleta. We anticipate 15%-20% revenue growth in 2021, nearing 2019 sales levels, that contributes to adjusted leverage improving to below 3x. Therefore, we revised our outlook to positive from negative and affirmed our ratings on the company, including the 'BB-' issuer credit rating. The positive outlook reflects the potential for a higher rating if the company strengthens operating performance through successful expansion of its higher-growth brands and improves profitability at its mature brands leading to restored credit protection metrics. Online sales grew 54% year-over-year, accounting for approximately 45% of total sales, placing
