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Bulletin: Costco Wholesale Corp. Ratings Unaffected By Q2 Profit Warning Feb 09
Standard & Poors, Feb 2009
Abstract
NEW YORK (Standard & Poor's) Feb. 4, 2009--Standard & Poor's Ratings Services said today that its ratings on Costco Wholesale Corp. (A/Stable/A-1) remain unchanged following the company's announcement that its profits for the second quarter ending Feb. 15, 2009, will be substantially below consensus estimates. Economic weakness, coupled with aggressive merchandise pricing, lower gasoline profits, and strengthening of the U.S. dollar hurt Costco's sales and margins during the second quarter. Although Costco did not provide earnings guidance for the rest of the fiscal year, Standard & Poor's believes that the company's credit metrics will remain adequate for the rating category even if EBITDA declines 22% from fiscal 2008 levels, assuming debt remains constant at about $2.4 billion....
Companies mentioned in this report are: Costco Wholesale Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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