May 30, 2003,
New York — Concerned about sliding profits, a soft economy and weak consumer spending, Standard & Poor's rating agency is contemplating a downgrade of May Department Stores Co., and said it has placed the retailer on CreditWatch with "negative implications."
"The company has suffered from intense competition, lagging consumer confidence, a poor economy, a rising unemployment rate that has pared disposable personal income, and the continuing impact world events are having on consumers' appetite for spending," said S&P credit analyst Gerald Hirschberg.
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