Fitch cuts some Sears ratings to junk

Fitch Ratings announced the following rating actions upon completion of the merger of Kmart Holding Corp. and Sears, Roebuck and Co. under a new holding company named Sears Holdings Corp. (Sears Holdings):

Fitch assigned Sears Holdings a senior unsecured debt rating of BB and its $4 billion five-year senior secured revolving credit facility a BBB- rating. The outlook is negative.

Fitch downgraded Sears, Roebuck and Co.'s senior unsecured rating to BB from BBB- and Sears Roebuck Acceptance Corp.'s senior unsecured rating to BB from BBB- and commercial paper to B from F3.

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