S&P may upgrade Saks

Standard & Poor's said it expects to raise its corporate credit and senior unsecured debt ratings on Saks Inc. to B+ from CCC+ upon successful completion of a debt tender and consent solicitation and maintain those ratings on CreditWatch with developing implications.

This decision is a reflection of Saks taking a more proactive approach to alleviate a potential acceleration of its debt following its receipt of a notice of a filing requirement default, the agency said.

The rating changes are predicated on a successful consent solicitation with respect to $1.22 billion of debt and a materially successful tender offer, S&P said.

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