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Target Downgraded by S&P After Data Breach Crimps Profit

Target Corp., the second-largest U.S. discount retailer, had its debt rating cut by Standard & Poor’s after a hacker attack and sluggish performance at its Canadian unit squeezed fourth-quarter profit.

The rating was dropped one level to A, the sixth-highest investment grade, from A+, S&P said yesterday in a statement. The ratings firm has a stable outlook on Target, which ranks second to Wal-Mart Stores Inc. in the discount-retail industry.