Research Update: Sears Holding Corp. 'CCC+' Rating Affirmed; Subsidiaries' Debt Rated 'B', Existing Issue Ratings Lowered To 'B-' Sep 13
- Language: English
- Published: September 2013
Hoffman Estates, Ill.-based Sears Holding Corp. announced that EBITDA will be less than half of its prior year's amount. We believe that a meaningful erosion of both its sales and EBITDA margins will result in a further weakening of the company's credit protection measures. We are placing the 'B' long-term rating on the company, along with all related issue-level ratings on the company's debt, on CreditWatch with negative implications. The CreditWatch placement reflects the likelihood of a downgrade if the company cannot improve its liquidity position and operating performance. On Dec. 28, 2011, Standard & Poor's Ratings Services placed its 'B' long-term corporate credit rating on Sears Holdings Corp., along with all related issue-level ratings on the company's debt, on...
Companies mentioned in this report are: Sears Holdings Corp.,Sears, Roebuck and Co.,Sears Roebuck Acceptance Corp.,Sears DC Corp.,Sears Canada Inc.
Action: On CreditWatch:Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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Sears Holdings Corp.,Sears, Roebuck and Co.,Sears Roebuck Acceptance Corp.,Sears DC Corp.,Sears Canada Inc.