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BULLETIN: Kmart Corp.'s Decline in Stock Price Jan 02
Standard & Poors, Jan 2002
Abstract
Standard & Poor's said today that Kmart Corp.'s (BB/Negative/--) 13% stock price decline yesterday, in reaction to an equity analyst report issuing a sell recommendation on Kmart stock, has no impact on the company's credit rating or outlook. Standard & Poor's lowered its rating on Kmart to 'BB' on Nov. 27, 2001, based on disappointing operating results and weak credit measures. The negative outlook continues to reflect concerns that a turnaround in operating performance will be challenging. However, Standard & Poor's sees no near-term liquidity pressures. Kmart has successfully passed its peak borrowing season, has access to its $1.5 billion revolving credit facility, and has no significant near-term debt maturities. Standard & Poor's expects that the bank facility, which matures...
Companies mentioned in this report are: Kmart Holding Corp.
Action: S&P Event
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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