Odds and ends
1 Sears get more good credit news. Though still not sure why its credit was so low anyway…
Moody’s Investors Service has raised its rating outlook on Sears Holdings Corp.’s long-term debt, saying the company’s profit could rise as the retail market gets better.
Moody’s changed its outlook on Sears’ debt to ‘positive’ from ‘stable’ and affirmed the Ba2 Corporate Family Rating and other ratings of the company, which operates Kmart and its namesake stores.
The company’s credit metrics have been relatively stable during the financial downturn, the company said.
Moody’s also cited performance by Sears Canada and Kmart and the company’s proprietary brands like Kenmore and Craftsman, which offset the clothing business.
“Recent actions taken to monetize the value of Sears’ proprietary brands also add to the potential for improved profit margins,” the service wrote.
2- ACAS files shelf offering.
Interesting part. This essentially means these shares cannot be issued until the current situation is fixed. Does the filing, coming now before earnings means they have an announcement regarding resolution coming?
We may offer, from time to time, up to $1,500,000,000 of our Securities, on terms to be determined at the time of the offering. Our Securities may be offered at prices and on terms to be disclosed in one or more prospectus supplements. We are generally not able to issue and sell our common stock at a price below our NAV per share, exclusive of any underwriting commissions or discounts, except as otherwise noted herein. Additionally, we generally may not sell debt securities if our asset coverage ratio as a BDC would be less than 200% after giving effect to such offering, except to refinance existing Senior Securities.
3- This WAS IGOI’s competition at Wal-Mart