NEW YORK (Standard&Poor's) Aug. 20, 2014--Standard&Poor's Ratings Services said today that its ratings and outlook on PetSmart Inc. (BB+/Stable/--) are not immediately affected by the company's announcement that its Board of Directors is seeking to explore strategic alternatives for the company to maximize value for shareholders. We view strategic alternatives as encompassing a number of potential actions including a recapitalization, sale, merger or significant changes in capital allocation. We recognize an outcome could also include no changes to its business or financial strategies. While the timeframe is indeterminate, a more definitive pursuit of alternatives could lead to a review of the ratings--in our experience this would most likely be for a possible downgrade than upgrade. Separately,
