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Fitch cuts Sears rating; negative outlook

Hoffman Estates, IL — Fitch Ratings has lowered its rating of the senior unsecured notes of Sears, Roebuck and Co. and some of its affiliates to a BBB+ from A-. The rating outlook is negative, Fitch said, based on weak operating trends and uncertainty as to the timing of a turnaround of the retail businesses. Sears has $12.2 billion of domestic senior debt as of Sept. 28, 2002, Fitch said.

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