Fitch downgrades RadioShack ratings |
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Published
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Thu, 21 Jun 2007 17:19
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CHICAGO (AP) - Credit-ratings agency Fitch Ratings on Thursday downgraded ratings for electronics retailer RadioShack Corp.The company cut RadioShack's issuer default, bank credit facility and senior unsecured notes ratings, all to 'BB' from 'BB+.''BB' is the first speculative or 'junk bond' rating and a plus or a minus indicates the ratings position within the category.The rating outlook is negative. The downgrades reflect weakness in many of RadioShack's business segments, especially its wireless products and services segment, according to Fitch.'RadioShack has continued to report negative comparable store sales driven by weak operating trends across most of its business segments,' Fitch said in a statement. 'Of ongoing concern is the increasing competition in the consumer electronics and wireless businesses from national big-box retailers and discounters as well as wireless carriers and other new wireless distribution channels.'Shares of the company fell 15 cents to $32.79 during midday trading.------------------Questions or comments about this story should be directed to AP Financial News at 212-621-7190.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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