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S&P Credit Research858 word report
published Sep 30, 2009
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| Abstract: | NEW YORK (Standard&Poor's) Sept. 30, 2009--Standard&Poor's Rating said today that Saks Inc.'s (B-/Negative/--) announcement that it plans to issue $100 million common equity has no immediate impact on the company's rating or outlook. We view the issuance of equity as a positive, as it adds to Saks' liquidity, but not enough so as to influence the rating or outlook. Proceeds from the offering will likely be used to reduce borrowings under the revolver and for general corporate purposes. The use of proceeds to reduce revolver borrowings could increase the likelihood that the company will be able the maintain availability under the revolver above $60 million; hence it would not be subject to financial covenants. We believe
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Saks Inc. Ratings, Outlook Unaffected By Announcement Of $100 Million Common Equity Issuance Publication date: 30-Sep-2009 Primary Credit Analyst: Diane Shand, New York (1) 212-438-7860; diane_shand@standardandpoor...
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| Report Type: | Bulletin
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| Ticker: | SKS
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| Issuer: | Saks Inc.
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| GICS: | Department Stores (25503010)
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| Sector: | Global Issuers, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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