U.S. specialty apparel retailer Gap Inc. reported strong operating performance in recent quarters, with meaningfully increased operating margins and consistent, positive same store sales. We are revising our outlook on Gap to positive from stable. At the same time, we are affirming our ratings on Gap, including the 'BB+' corporate credit rating. The positive outlook reflects that we could raise the ratings if Gap continues its positive operating performance trend, with expanding margins and positive same store sales, warranting a change in our assessment of Gap's business risk profile. On Nov. 20, 2012, Standard&Poor's Ratings Services revised its outlook on San Francisco-based specialty apparel retailer The Gap Inc. (Gap) to positive from stable. At the same time, we
