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Fitch affirms RadioShack
Fitch Ratings said it affirmed RadioShack Corp.'s long-term issuer default rating at BB, bank credit facility at BB and senior unsecured notes at BB.
The outlook is negative.
Fitch said the affirmation reflects RadioShack's broad geographic store base, recent improvement in operating results and credit metrics due to management's turnaround plan, and adequate liquidity to meet capital needs.
Ratings also consider the continued soft operating trends in many of RadioShack's business segments, concern about RadioShack's long-term ability to produce sustainable revenue growth and profitability, and a highly competitive operating environment, according to the agency.
For the 12 months ending June 30, the issuer's total adjusted debt-to-EBITDAR ratio was 3.6 times versus 4.8 times in 2006.
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