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S&P boosts Saks
Standard & Poor's said it raised the corporate credit rating on Saks Inc. to BB- from B+.
Concurrently, the agency said it removed all ratings from CreditWatch, where they had been placed on Sept. 20, 2007.
The outlook is positive.
The agency noted that it also raised the issue-level rating on Saks' unsecured notes to BB-, the same as the corporate credit rating on the company, from B+ and assigned a recovery rating of 4 to this debt.
According to S&P, the rating action reflects the significant progress the company has made an improving its financial performance over the past two years and its expectation that this trend will continue over the intermediate term.
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