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Fitch: Best Buy view to stable
Fitch Ratings said it affirmed Best Buy Co., Inc.'s long-term issuer default rating at BBB+, bank credit facility at BBB+, senior unsecured notes at BBB+ and convertible subordinated debentures at BBB.
The outlook has been revised to stable from negative.
The outlook revision reflects Best Buy's improvement in comparable-store sales to positive 1.7% and 7.0% in the third and fourth quarters of fiscal 2010 from negative 6.2% and negative 3.9% in the first and second quarters of fiscal 2010, Fitch said.
The ratings reflect Best Buy's leading market position and successful operating strategy, which have resulted in market share gains and relatively stable operating results and credit metrics despite the weak economy, the agency said.
The ratings also consider the company's vulnerability to changes in technology trends and consumer spending and the challenging competitive environment, Fitch said.
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