NEW YORK (Standard & Poor's CreditWire) Feb. 10, 1999--Standard & Poor's today assigned its preliminary single-'A' rating to The Gap Inc.'s $500 million senior unsecured debt securities filed under Rule 415. The company intends to use the net proceeds from future drawdowns on the shelf registration for general corporate purposes, including expansion of stores, distribution centers and headquarters facilities, brand investment, development of additional distribution channels and repurchase of common stock under the 45-million share repurchase program. The ratings reflect The Gap's strong business position in the casual apparel industry and Standard & Poor's expectation that the company's leading position will enable it to continue producing above-average performance measures. The rating also reflects future expansion plans and share repurchases that
