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S&P rates Saks converts BB
Standard & Poor's said it assigned its BB rating to Saks Inc.'s proposed $200 million offering of senior convertible notes due 2024. An additional $30 million may be offered for sale.
At the same time, S&P affirmed its existing ratings on Saks Inc., including the BB corporate credit rating.
The outlook is negative.
S&P said the ratings on Saks reflect the company's generally lackluster earnings performance and relatively weak, though recently stabilized, cash flow protection. Further, S&P expects that management will continue to be challenged to generate, and then sustain, improving trends in business fundamentals at its two distinctly different department store segments.
These factors are only partially mitigated by the company's position as one of the major multiregional players in the large, but highly competitive, department store industry and its good niche in upscale retailing.
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