Phoenix-based PetSmart Inc.'s improving profitability led to a moderate strengthening of credit measures over the past two years. We are raising our corporate credit rating on the company to 'BB+' from 'BB'. The outlook is stable. On Nov. 22, 2011, Standard&Poor's Ratings Services raised its corporate credit rating on PetSmart to 'BB+' from 'BB'. The outlook is stable. The upgrade reflects PetSmart's continued good performance, which led to modestly improved credit metrics and our expectation that these trends are likely to continue over the near term. The rating on PetSmart reflects our expectation that profitability will continue to benefit from good same-store sales performance, improving sales mix (as consumers are gradually shifting back to higher-margin discretionary products), and
