S&P may lower Saks

Standard & Poor's said it placed its ratings for Saks Inc. on CreditWatch with negative implications, including the BB corporate credit and senior unsecured debt ratings.

This action follows the company's release of fourth-quarter and full-year results for 2004, which continued a trend of lackluster earnings performance and relatively weak cash flow protection, the agency said.

Credit measures were below S&P's expectations, especially considering that the department store is consolidating and becoming increasingly competitive.

© 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.