The nation’s top two credit rating agencies downgraded Staples Inc. well into junk status yesterday due to the financials of Sycamore Partners’ pending $6.9 billion leveraged buyout of the nation’s No. 1 office supplies chain.
S&P Global Ratings downgraded the
Framingham company’s corporate credit rating four steps to B+ from BBB-,
citing Staples’ substantial debt burden and “meaningfully weaker credit
metrics” from the deal. S&P removed Staples from a negative
CreditWatch in place since June 29, a day after the Sycamore deal was
announced, saying the outlook now is “stable.”. . . more