S&P lowers Hudson's Bay

Standard & Poor's said it lowered its long-term corporate credit and senior unsecured debt ratings on Hudson's Bay Co. to BB from BB+ and lowered the company's 7.5% convertible unsecured subordinated debentures to B+ from BB.

The outlook is negative.

S&P said the downgrade on Hudson's Bay reflects continuing deterioration in the company's operating results, resulting in very weak profitability measures; and an extremely challenging competitive environment that has resulted in persistent market share losses, particularly at mass merchant Zellers.

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