S&P raises Saks

Standard & Poor's said it raised its corporate credit rating on Saks Inc. to B+ from B-.

The outlook is stable.

The agency said it also raised its issue-level rating on the company's unsecured debt to B+ from B-. The recovery rating on this debt remains at 4.

"The ratings upgrade reflects the operational gains made by the company over the past few quarters, substantial improvement in credit protection metrics, and its expectation for these trends to continue over at least the near term," explained S&P credit analyst David Kuntz.

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