NEW YORK (Standard&Poor's) March 7, 2003--Standard&Poor's Ratings Services said today that it affirmed its 'B+' corporate credit rating on PetsMart Inc. and revised its outlook on the company to positive from stable based on improving credit measures and solid operating performance over the past two years. Phoenix, Ariz.-based PetsMart is the leading operator of specialty pet supply stores. The company had $167 million total debt outstanding as of Feb. 3, 2003. "PetsMart's better results have significantly improved cash flow generation, with lease-adjusted EBITDA increasing to about $386 million in 2002 from $244 million in 2001," Standard&Poor's credit analyst Ana Lai said. "This strengthened cash flow protection measures in 2002, with EBITDA interest coverage at
