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Prospect News home > News index > List of issuers S > Headlines for Sears, Roebuck and Co. > News item |
Fitch: Sears view negative
Fitch Ratings said it affirmed Sears Holdings Corp.'s long-term issuer default rating at BB, senior notes at BB and secured bank facility at BBB-.
The agency also affirmed Kmart Holding Corp.'s long-term issuer default rating at BB and Sears, Roebuck and Co.'s long-term issuer default and senior notes ratings at BB.
The outlook is revised to negative from stable.
Fitch said the affirmations reflect Holdings' broad market presence in the moderate department store and discounter segments and solid balance sheet balanced against soft operating results and significant long-term competitive challenges.
The revision in outlook reflects the continued weak sales performance that pressured operating profit margin and credit metrics, the agency said.
As a result, the issuer's adjusted debt-to-EBITDAR ratio was 2.8 times versus 2.4 times at the end of 2006.
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