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Related Issuers
Allegheny County Industrial Dev. Auth., PA
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Anderson (County of) TN, Industrial Devel Bd
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Rating Action:

MOODY'S PLACES KMART COMMERCIAL PAPER RATING UNDER REVIEW FOR POSSIBLE DOWNGRADE; LOWERS LONG TERM DEBT (Sr. To Baa2) AND KEEPS UNDER REVIEW FOR POSSIBLE DOWNGRADE

20 Oct 1995
MOODY'S PLACES KMART COMMERCIAL PAPER RATING UNDER REVIEW FOR POSSIBLE DOWNGRADE; LOWERS LONG TERM DEBT (Sr. To Baa2) AND KEEPS UNDER REVIEW FOR POSSIBLE DOWNGRADE New York, 10-20-95 -- Moody's Investors Service placed under review for possible downgrade Kmart Corporation's Prime-2 commercial paper rating and lowered and kept under review the ratings on the company's long-term debt. The rating actions are based on Kmart's continued weak operating performance. Moody's rating review dates from October 2, 1995.
Ratings lowered and kept under review:
Kmart Corporation -- senior unsecured debt, medium term notes, industrial development bonds, and its counterparty rating to Baa2 from Baa1; industrial development bonds and lease certificates to Baa3 from Baa2; and the 415 shelf registration, to (P)Baa2 from (P)Baa1.
Ratings placed under review:
Kmart Corporation -- rating for commercial paper at Prime-2.
Kmart Canada Limited -- rating for commercial paper at Prime-2.
Kmart has developed and is implementing a revised strategy. However, the rapidly changing retail environment could necessitate modifications of Kmart's plan. In addition, comprehensive and consistent execution of the strategies will be a challenge given the scale of the enterprise. Kmart's 2,000 stores located in all 50 states generate approximately $30 billion in retail sales volume. As a result, it is likely to be some time before the full effect of these benefits will be realized.
The fourth quarter is the most important quarter for many retailers, and Kmart is no exception. It will provide a platform for Kmart's recovery. The continuing review will focus on the success of Kmart in achieving adequate results in the important fourth quarter as a starting point for the future financial outlook of the company.
Kmart Corporation, headquartered in Troy, Michigan, is one of the largest discount retailers in the United States.

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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