May sees stock rating cut by S&P
July 11, 2002,
New York — Standard & Poor's, one of the big three debt ratings services, has cut its corporate credit rating for May Department Stores Co., citing its "below-average operating performance compared with that of its peers for the past two years."
The credit agency lowered its rating for the department store chain to "single-A" from "single-A-Plus," a move that could cost the chain more money the next time it borrows or sells bonds.
The ratings actions affect about $4.7 billion in outstanding debt as of May 4.
Related Content By Author
The Countdown to the ICON Honors Continues featuring Christophe Pourny