NEW YORK (Standard & Poor's) May 9, 2002--Standard & Poor's said today it revised its outlook on The Gap Inc. to negative from stable based on continuing negative sales trends in the company's Old Navy and Gap divisions. The Gap is a specialty retailer that operates stores selling casual apparel, personal care products, and other accessories. The double-'B'-plus long-term and 'B' short-term corporate credit ratings on the company were also affirmed. San Francisco, Calif.-based The Gap had about $2 billion of funded debt as of Feb. 2, 2002. "The company's same-store sales declined 17% in the first quarter, with Gap Domestic falling 20% and Old Navy down 18%," said Standard & Poor's credit analyst Diane Shand. "We had expected that
