Blockbuster's operating performance deteriorated substantially in the fourth quarter of 2009 and will be below our year-end expectations. We are revising our rating outlook on the company to negative from stable. The negative rating outlook reflects our expectations for performance to likely remain weak over the near term and credit metrics to deteriorate substantially. On Jan. 21, 2010, Standard&Poor's Ratings Services revised its rating outlook on Dallas-based Blockbuster Inc. to negative from stable. At the same time, we affirmed all ratings on the company, including the 'B-' corporate credit rating. The outlook revision reflects fourth-quarter operations that were substantially below expectations, our belief that performance will remain challenged over the near term, and our expectation for credit metrics
