S&P Places Sears (SHLD) 'B' Rating on CreditWatch Negative
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Standard & Poor's Ratings Services placed its 'B' long-term corporate credit rating on Sears Holdings Corp. (Nasdaq: SHLD), along with all related issue-level ratings on the company's debt, on CreditWatch with negative implications.
The B rating represents management's announcement that sales and margins continue to be pressured by weak performance in the consumer electronics, home appliances, and apparel categories.
The S&P believes the company's credit protection metrics will continue to underperform over the near term. They also state the company's plans to close 100-120 stores may not be whats needed. The S&P believes Sears poor performance is due to a lack of investment in its store base.
The B rating represents management's announcement that sales and margins continue to be pressured by weak performance in the consumer electronics, home appliances, and apparel categories.
The S&P believes the company's credit protection metrics will continue to underperform over the near term. They also state the company's plans to close 100-120 stores may not be whats needed. The S&P believes Sears poor performance is due to a lack of investment in its store base.
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