NEW YORK (Standard & Poor's) July 28, 2003ù Standard & Poor's Ratings Services said today that it assigned its 'BBB' rating to apparel retailer The Gap Inc.'s $750 million senior secured bank loan that matures on June 24, 2006. The 'BB+' corporate credit and senior unsecured ratings on The Gap were also affirmed. The outlook is negative. The San Francisco, Calif.-based company had about $2.9 billion of funded debt as of May 3, 2003. The revolving credit facility is rated two notches higher than the corporate credit rating based on a very strong likelihood of full recovery of principal in the event of default or bankruptcy. This rating is supported by collateral coverage of more than 2.0x at the company's
