NEW YORK (Standard & Poor's) Feb. 14, 2002--Standard & Poor's today lowered its long-term corporate credit rating on The Gap Inc. to double-'B'-plus from triple-'B'-plus and lowered its short-term corporate credit rating to 'B' from 'A-2'. The ratings were also removed from CreditWatch. The outlook is stable. The Gap is a specialty retailer that operates stores selling casual apparel, personal care products, and other accessories. The company had about $2.6 billion of funded debt as of Nov. 3, 2001. "The downgrade is based on a protracted record of disappointing sales and earnings," Standard & Poor's credit analyst Diane Shand said. "Management faces significant challenges in turning around the performance of each of its brands, as the weak economy has exacerbated
