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S&P: Hudson's Bay still on watch
Standard & Poor's said it kept its ratings, including its BB- corporate credit rating, on Hudson's Bay Co. (HBC) on CreditWatch with negative implications.
The agency noted the CreditWatch update follows HBC's announcement that it intends to make an offer to purchase all of its C$120 million of 7.5% unsecured medium-term notes outstanding due June 2007.
Affected ratings include the senior unsecured debt at BB- and subordinated debt at B.
S&P added that HBC had previously announced its intention to redeem all of its C$200 million unsecured subordinated debentures due December 2008 and the company's April 2006 C$160 million debentures will be repaid upon maturity.
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