S&P upgrades Ross

Standard & Poor's said it raised the corporate credit rating on Ross Stores Inc. to A- from BBB+.

The upgrade reflects performance that was ahead of the forecast and expectations for further gains over the next 18 to 24 months, S&P said.

Additionally, the agency said it projects that the company will maintain its solid credit protection measures, conservative financial policies and strong liquidity over that time period.

The outlook is stable.

The rating reflects the company's satisfactory business risk profile and modest financial risk profile, S&P said.

The company has a solid position as one of the largest players in the off-price retailing sector, the agency said.

But the intensely competitive and widely fragmented nature of the off-price apparel retail sector somewhat mitigates this strength, S&P said.

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