NEW YORK (Standard & Poor's) April 23, 2002--Standard & Poor's said today that it assigned its triple-'B'-minus rating to apparel retailer The Gap Inc.'s $1.4 billion senior secured bank loan that matures on March 6, 2004. The double-'B'-plus long-term and 'B' short-term corporate credit ratings on The Gap were also affirmed. The outlook is stable. The San Francisco, Calif.-based company had about $2 billion of funded debt as of Feb. 2, 2002. "The new revolving credit facility is rated one notch higher than the corporate credit rating because the assets securing the revolver should provide adequate protection to lenders," Standard & Poor's credit analyst Diane Shand said. "The facility is secured by the company's cash, merchandise inventory, and trademarks." Standard
