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S&P downgrades RadioShack
Standard & Poor’s said it lowered the corporate credit rating on RadioShack Corp. to CCC- from CCC.
The outlook is negative.
S&P also said it lowered the rating on the company’s senior unsecured notes to C from CC, which is two notches below the corporate credit rating. The recovery rating on the notes remains at 6, which indicates 0 to 10% expected default recovery.
The downgrade comes as the company announced it will seek capital, the agency said, and that such a transaction could include a debt restructuring in addition to store closures and other measures.
Any such debt restructuring is considered by the agency as tantamount to a default, S&P said.
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