Business Services Industry
Fitch Rates Kmart's Notes `BB+'; Rating Outlook Stable
Business Wire, June 12, 2001
Business Editors
CHICAGO--(BUSINESS WIRE)--June 12, 2001
Fitch has rated Kmart Corporation's (Kmart) proposed $400 million issue of senior notes `BB '.
The proceeds will be used to prepay $260 million of commercial mortgage pass-through certificates, and the balance to repay borrowings under its credit facilities. The Rating Outlook is Stable.
Fitch recently affirmed its ratings on Kmart Corporation (see press release dated May 29, 2001). The rating reflects the company's weakened operations and competitive position balanced against the expectation for improvement as the company makes continued progress in implementing its strategic initiatives. The rating recognizes the competitive and over-stored nature of the retail industry and, in particular, the rapid growth of Wal-Mart and Target. Maintenance of the Stable Rating Outlook will depend upon steady improvement in Kmart's operations and credit measures in the face of this competition.
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