Fitch: Saks still on watch

Fitch Ratings said it maintains a Rating Watch negative on Saks Inc. following the announcement that it has received consent from the required majority of its senior noteholders and convertible senior noteholders to amend its indenture and waive defaults relating to a previously received notice of default.

Saks also announced that $533 million of senior notes have been tendered to date out of a total of $658 million, Fitch added.

The agency said it rates Saks' senior notes B+ and $800 million secured bank facility BB and said there is uncertainty as to the reliability of the company's recent financial statements and current financial profile due to an ongoing investigation into vendor accounting irregularities and the resulting delay in the filing of the company's 10-K and first-quarter 10-Q.

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