S&P affirms Saks

Standard & Poor's said it affirmed its B+ corporate credit and senior unsecured ratings on Saks Inc.

The agency said that the ratings were removed from CreditWatch, where they had been placed with developing implications in April 2005.

The outlook is positive.

S&P said that the affirmation for the company is a reflection of its relatively weak business profile, as its luxury Saks Fifth Avenue department stores have underperformed important competitors such as Neiman Marcus, Nordstrom and Bloomingdale's.

Moreover, the company's financial profile is expected to be remain highly leveraged, the agency added.

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