Sears downgraded after announcing $1.3bn distressed debt exchange
US retailer Sears announced its intention on Tuesday to swap unsecured and senior secured debt into new payment-in-kind notes that could be converted into common stock. Seeing this as a distressed debt exchange, Fitch Ratings quickly downgraded the retailer to C.
Sears had already said in early January that it was looking to restructure around $1bn of existing debt to reduce its interest expenses and extend its debt maturity profile.In the announcement on Tuesday, it said that it was looking to amend over $1.3bn of debt, converting both ...
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