By  on November 13, 2014

Kohl’s Corp posted third-quarter results that saw declines in net income and net sales, prompting Standard & Poor’s to downgrade the retailer’s corporate credit rating to “BBB” from “BBB+”.

The ratings agency said the downgrade was warranted because Kohl’s “reported operating performance that is weaker than our previous expectations.” S&P also said the negative comparable-store sales trends is “unlikely to improve meaningfully in the near term.” The outlook is stable, reflecting a belief that sales trends should begin to stabilize in 2015, S&P said.

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