NEW YORK (Standard & Poor's CreditWire) Sept. 6, 2000--Standard & Poor's today revised its outlook on The Gap Inc. to negative from stable. At the same time, Standard & Poor's affirmed its single-'A' long-term corporate credit, senior unsecured debt, and bank loan ratings on The Gap and its 'A-1' short-term corporate credit and commercial paper ratings on the company. The outlook revision is based on declining sales and profitability trends in the company's Old Navy and Gap divisions coupled with the added risk of an increased rate of store expansion. The ratings continue to reflect The Gap's strong business position in the casual apparel industry and Standard & Poor's expectation that the company's leading position will enable it to produce
