S&P raises Saks

Standard & Poor's said it raised the corporate credit rating on Saks Inc. to BB from BB-, along with its unsecured debt to BB from BB- and revised the recovery rating to 3 from 4.

The 3 recovery rating indicates 50% to 70% expected recovery in a default.

The outlook is stable.

The upgrade and revision of the recovery rating reflect year-to-date performance, which was above expectations, S&P said, and a view that the company will continue to demonstrate moderate operational gains over the near term.

Credit metrics have improved and the potential for further debt reduction during the second half of 2011 could likely strengthen them further, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.