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Moody's downgrades Sears to Caa1
Moody's Investors Service said it downgraded Sears Holdings Corp.'s corporate family rating to Caa1 from B3.
The outlook is stable.
The agency also lowered Sears' probability of default rating to Caa1-PD from B3-PD, issuer rating to Caa1 from B3-PD, $1 billion senior secured first lien term loan due 2018 to B1 from Ba3 and senior secured second-lien notes due 2018 to Caa1 from B3.
Moody's said the downgrade reflects the accelerating negative performance of Sears' domestic business with comparable sales falling 7.4% for the quarter to date ending Jan. 6, compared to the prior year.
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