RETAILING
From Times Staff and Wire Reports
Credit Rating Review for Sears: One of the major debt ratings agencies, Moody’s Investor Service, is reviewing the credit rating of Sears, Roebuck & Co. and several subsidiaries for a possible downgrade. Moody’s said it is reviewing $7.4 billion in structured securities backed by Chicago-based Sears credit card receivables and $2.4 billion in structured securities backed by pool insurance furnished by PMI Mortgage Insurance Co., a subsidiary of Sears’ Allstate Insurance division. Moody’s said the review is prompted by the company’s difficulty in improving returns in its merchandising group.
