Moody's ups Best Buy

Moody's Investors Service said it upgraded the ratings of Best Buy Co., Inc., including the issuer rating to Baa2 from Baa3, concluding the review for possible upgrade begun on Jan. 11.

The outlook is stable.

The agency also said it upgraded the company's convertible subordinated debentures, guaranteed by wholly owned subsidiary Best Buy Stores LLP, to Baa3 from Ba1.

The key drivers of the ratings upgrade and stable outlook are the company's continued ability to generate robust comparable store sales increases while improving operating profit margins and Best Buy's continued investment in its store base to open new stores and to convert stores to the customer centric model, creating a platform for future growth, the agency said.

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