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Announcement:

Moody's says Best Buy's Q3 performance has no immediate ratings impact

Global Credit Research - 21 Nov 2012

New York, November 21, 2012 -- In a release published earlier today, Moody's Investors Service stated that Best Buy Co., Inc.'s ("Best Buy") November 20, 2012 announcement regarding its performance through the end of the third fiscal quarter would have no immediate impact on either the Baa2 senior unsecured rating or the developing outlook.

"We anticipated a weak third quarter due to a variety of factors, including the delayed launch of some new products such as the iPad Mini, supply constraints surrounding the iPhone 5, as well as increased expenses surrounding employee training and ramp-up for the Holiday season," stated Moody's Senior Analyst Charlie O'Shea. "The continuing challenge for Best Buy, which will be borne out in the critical fourth quarter, will be how well it is able to maintain margin and at least hold sales flat year-over-year in an increasingly competitive environment. We believe that the product cadence for Holiday 2012 is superior to last year on multiple fronts, and should provide Best Buy with a reasonable chance of generating EBITDA sufficient to remain near our 2.75 times debt/EBITDA target, which is a key factor for maintenance of the Baa2 rating. In addition, whether Holiday is successful or not will provide some insight as to the progress the company is making in its repositioning efforts, which is an additional key factor."

The developing outlook considers the uncertainty regarding the potential impact on the company's capital structure surrounding the announced potential bid by former Chairman Richard Schulze to take Best Buy Co., Inc. private at a price of between $24-26 per share.

Please refer to the Issuer Comment on Moodys.com for further information.

Best Buy, Inc. is the world's largest dedicated retailer of consumer electronics, with annual revenues of around $51 billion.

Charles O'Shea
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Kendra M. Smith
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's says Best Buy's Q3 performance has no immediate ratings impact
No Related Data.

 

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