Fitch cuts Sears rating; negative outlook
January 10, 2003-- Home Textiles Today,
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.