May sees stock rating cut by S&P

By Staff -- Home Textiles Today, 7/11/2002 3:30:00 PM

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.

At the same time, S&P affirmed its "A-1" commercial paper rating on the chain, and said the outlook for the retailer remains stable.

The ratings actions affect about $4.7 billion in outstanding debt as of May 4.