NY -- Standard&Poor's CreditWire 10/17/95 -- Standard&Poor's single- `A'-plus senior debt and `A-1' commercial paper ratings of Melville Corp. remain on CreditWatch with negative implications, where they were placed July 27, 1995. About $340 million of total debt is outstanding. The placement was based on a continued declining trend in operations and credit measures, and Standard&Poor's uncertainty as to the timing and magnitude of a turnaround. Prospects for restoring performance to levels appropriate for the current rating remain uncertain despite the recently announced sale of the underperforming off-price Marshalls chain to The TJX Companies Inc. Melville has yet to announce its overall strategic plan, including the portfolio of businesses going forward and management's financial
