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S&P lowers rating on Toys "R" Us--again.(Brief Article)

Chain Store Age Executive Fax

| March 12, 2004 | COPYRIGHT 2003 Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission. (Hide copyright information)Copyright

Standard & Poor's (S&P) lowered its corporate credit, bank loan and senior unsecured debt ratings on Toys "R" Us, Inc. to "BB" from "BB+," based on the significant drop in profitability at its U.S. toy division in 2003 and its inability to improve cash-flow protection measures. The ratings remain …

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