S&P lowers CSK Auto

Standard & Poor's said it lowered its corporate credit rating on CSK Auto Inc. to B from B+.

The agency said it also lowered the senior unsecured rating to CCC+ from B-, which is still two notches below the corporate credit rating.

At the same time, the agency said it removed CSK Auto's corporate credit and all other ratings from CreditWatch, where they were originally placed with negative implications on June 21, 2006.

The outlook is stable.

In addition, S&P said it lowered the bank loan rating to B with a recovery rating of 3, adding that the removal of all ratings from the CreditWatch listing reflects the fact that CSK Auto has now filed all of its previously delinquent periodic SEC filings and is now current in its financial reporting.

The lowered corporate credit rating reflects the company's weak operating performance, which has resulted in a deterioration of its credit metrics to levels more consistent with a B rating, the agency noted.

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