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Moody's reviews Saks
Moody's Investors Service said it placed Saks Inc.'s B1 corporate family and probability-of-default and B2 ratings under review for downgrade.
The review is prompted by the company's expected earnings results for the third quarter ended Nov. 1.
The company reported soft margins, high inventory levels and negative comparable store sales, the agency said. Debt-to-EBITDA ratio is 5.2 times.
Given the weak economic environment, intense competition and aggressive acceleration of markdowns, credit metrics could further deteriorate, the agency noted.
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