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Fitch affirms RadioShack
Fitch Ratings said it affirmed RadioShack Corp.'s BB long-term issuer default rating as well as the BB rating on its bank credit facility and senior unsecured notes.
The outlook is stable.
The affirmations reflect RadioShack's relatively steady operating results as growth in its wireless business has offset soft sales trends in many of the company's other business segments, according to the agency.
Ratings further reflect the company's positive free cash flow generation, gradual improvement in its credit metrics and reduced but still adequate liquidity following RadioShack's recent share repurchase authorization increase to $500 million, the agency said.
Longer-term concerns relate to RadioShack's long-term ability to maintain revenue and earnings growth given the technology cycle and highly competitive operating environment and the company's shareholder-friendly posture, the agency noted.
The company's total adjusted debt-to-EBITDAR ratio fell to 4 times from 4.4x in 2008.
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