Fitch downgrades Saks

Fitch Ratings said it downgraded Saks Inc.'s senior notes to B+ from BB- and $800 million secured bank facility to BB from BB+.

At the same time, Fitch placed Saks on Rating Watch negative.

Fitch said the downgrade reflects the uncertainty as to the effect on Saks' credit profile of the announced and potential restructuring actions outlined by the company Friday, the risks associated with an ongoing accounting investigation that has resulted in a delay in filing of the company's 10-K, and Saks' persistently weak operating performance.

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