Fitch affirms Sears' ratings |
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Published
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Mon, 04 Jun 2007 21:26
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CHICAGO (AP) - Fitch Ratings said Monday it has affirmed several credit ratings for Sears Holdings Corp. after the retailer last week reported earnings growth amid declining sales.The agency kept the following ratings unchanged: issuer default rating at 'BB;' senior notes at 'BB;' and secured bank facility at 'BBB-.' The ratings outlook remains stable. Fitch also affirmed several ratings for Sears, Roebuck & Co., Sears Roebuck Acceptance Corp. and Sears DC Corp.The action affects $2 billion in debt.Fitch said the ratings reflect the retailer's strong presence in the department and discount markets and solid balance sheet against soft operating results and long-term challenges competing in the marketplace.The 'challenge will be to generate longer-term sales and earnings growth at both Sears and Kmart in the face of growing competition from the discounters and big box specialty retailers,' Fitch said.Last week, the retailer reported that its first-quarter earnings grew 20 percent on one-time gains while U.S store sales dropped.Shares of Sears slipped 41 cents to $180.03 in late afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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