Moody's cuts Sears

Moody's Investors Service said it lowered Sears Holdings Corp.'s corporate family and probability of default ratings to B1 from Ba3.

"The downgrade of the company's corporate family rating to B1 reflects persistent negative trends in revenues and operating margins of Sears Holdings, and the weaker than anticipated performance in its third quarter earnings," Moody's vice president Scott Tuhy said in a news release.

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