Moody's smiles on Saks
January 22, 2004,
NEW YORK — Moody's Investors Service, one of the three big corporate credit-rating agencies, has boosted its ratings on department store retailer Saks Inc., citing stabilization of market share and improving margins.
Moody's lifted its ratings on about $1.2 billion in Saks debt securities to Ba3 from a prior rating of B1.
The ratings agency also said it liked fixed charge coverage levels, which are strong for the rating category, and "highly satisfactory liquidity; modest upcoming debt maturities; and the company's unencumbered real estate."
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