Moody's downgrades PE's stock rating. (Moody's Investors Service Inc.; Pacific Enterprises)
Playthings, March, 1991
Moody's downgrades PE's stock rating NEW YORK -- Moody's Investors Service has downgraded Pacific Enterprises' (PE) rating for preferred stock to "baal" and the company's rating for commercial paper to Prime-2. Moody's based its rating action on expectations that efforts to reverse the poor performance of PE's retailing segment will not result in a meaningful improvement over the near term.
The company's preferred stock was downgraded from "a3," and their commercial paper rating was downgraded from Prime-1. PE's same store sales have been declining and operations have experienced above average shrinkage. Unprofitable stores have been closed but it will take time for the new management to improve margins, particularly in view of the harsh business...
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