S&P places Sears on watch

Standard & Poor's said it placed its B long-term corporate credit rating on Sears Holdings Corp., along with all related issue-level ratings on the company's debt, on CreditWatch with negative implications.

The agency said its placement of the ratings on Sears Holdings Corp. and its subsidiaries on CreditWatch with negative implications follows the company's announcement that sales and margins continue to be pressured by poor performance in the consumer electronics, home appliances, and apparel categories. As a result, S&P expects that credit protection metrics will deteriorate further over the near term.

The rating action is also a result of the company's announcement that quarter-to-date performance is significantly below expectations, the agency said.

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