S&P: Big Lots on watch

Standard & Poor's said it placed all of its ratings on Big Lots Inc., including the BBB corporate credit rating, on CreditWatch with negative implications.

The CreditWatch placement follows an assessment that Big Lots may not be able to restore profitability and credit measures to levels previously anticipated, including leverage close to 1.5x, S&P said.

Big Lots reported weaker-than-expected performance in the second quarter ended July 28, 2012, the agency said, and revised downward its outlook for the year.

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