S&P rates Kohl's notes BBB+

Standard & Poor's said it assigned a BBB+ rating to Kohl's Corp.'s $300 million senior notes due September 2023, the same as its BBB+ corporate credit rating.

The company will issue the notes under its shelf registration.

The proceeds will be used for general corporate purposes.

Following the completion of this transaction, the agency said it forecasts leverage to remain about 2.4x in fiscal year 2013.

The ratings reflect the company's satisfactory business risk due to its leading position in the specialty department store sector, strong execution of a value-focused merchandising strategy and solid measures of profitability, S&P said.

While sales trends have lagged compared with its peers, the agency said it believes recent changes in merchandising with higher in-stock inventory will contribute to improving sales trends in the second half of 2013.

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