S&P Cuts Toys "R" Us Below Investment Grade

The rating agency cites continued deterioration in the chain's U.S. toy business

On Jan. 8, 2004, Standard & Poor's Ratings Services lowered its ratings on Toys "R" Us (TOY ). The long-term corporate credit rating was lowered to 'BB+' from 'BBB-' and the short-term corporate credit rating was lowered to 'B' from 'A-3'. In addition, the long-term ratings on the company were placed on CreditWatch with negative implications.

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