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S&P: Hudson's Bay still on watch
Standard & Poor's said it kept its ratings on Hudson's Bay Co. (HBC, BB-/Watch negative) on CreditWatch with negative implications, where they were placed Nov. 29.
The CreditWatch update follows HBC's announcement today that its board of directors has unanimously endorsed an amended all-cash offer for 100% of HBC's shares by Maple Leaf Heritage Investments, the agency noted.
The agency said that when HBC's convertible subordinated debentures are redeemed, the rating will be withdrawn.
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