S&P cuts Toys ‘R’ Us, remains on watch

S&P said it lowered its ratings on Toys ‘R’ Us Inc., including the corporate credit rating to CCC- from CCC+.

The ratings remain on CreditWatch with negative implications where S&P placed them on Sept. 7.

S&P said it also assigned a CCC- corporate credit rating to Toys R Us Property Co. I LLC and also placed that rating on CreditWatch with negative implications.

“The further downgrade from our action on Sept. 7, 2017, reflects our view that various reports (although not confirmed by the company) and market indicators reflect increased operating risks and a greater likelihood of a near-term default, perhaps in the form of a broader restructuring,” S&P said in a news release.

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