NEW YORK (Standard&Poor's) Nov. 11, 2005—Standard&Poor's Ratings Services said today that it lowered its corporate credit and bank loan ratings on Blockbuster Inc. to 'B-' from 'B' and the subordinated note rating to 'CCC' from 'CCC+'. At the same time, ratings on the company were removed from CreditWatch, where they were placed with negative implications on August 3, 2005. The outlook is negative. "The downgrade on the Dallas, Tex.-based company is a result of the continuation of extremely weak operating performance due to poor industry fundamentals, the company's decision not to charge late fees, and the high cost related to the rollout of its in-store and online subscription programs," said Standard&Poor's credit analyst Diane
