S&P: Saks still developing

Standard & Poor's said that its ratings for Saks Inc., including the B+ corporate credit and senior unsecured ratings, remain on CreditWatch with developing implications following the company's announcement that it plans to sell its Proffitt's and McRae's retail chains to Belk Inc. for about $622 million in cash.

Saks also said that it is exploring strategic alternatives for its Northern division.

Ratings were initially placed on CreditWatch with negative implications March 7 due to performance issues. They were subsequently downgraded on April 18 and, at that time, the CreditWatch implications were revised to developing.

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