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S&P cuts Sears Holdings to SD, affected debt to D
S&P said it lowered its corporate credit rating on Sears Holdings Corp. (SHLD) to SD from CC.
At the same time, the agency lowered the issue level ratings on the debt issues that were the subject of the completed exchange offer to D.
Other issue-level ratings remain unchanged.
The downgrade follows the close of SHLD's previously announced debt exchange transactions, which include: 8% senior unsecured notes due 2019 exchanged for senior unsecured convertible pay-in-kind toggle notes due 2019; 6 5/8% senior secured notes due 2018 exchanged for new senior secured convertible PIK toggle notes due 2019; and SRAC's $100 million of senior unsecured notes due between 2027 and 2043 (interest between 6½% and 7½%) exchanged for new unsecured notes maturing in March 2028 (cash interest 7% or PIK interest at 12%).
The SRAC exchange notes are guaranteed by the same subsidiaries of SHLD which guarantee the new senior secured notes.
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