News Column

Fitch Publishes First Quarter Recovery Analyses for U.S. Retailers

June 26, 2014



NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has updated its recovery analyses for the following U.S. retailers as of May 3, 2014, unless otherwise indicated:

--J.C. Penney Company, Inc. (JCP)

--RadioShack Corporation (RSH)

--Rite Aid Corporation (RAD) (as of May 31, 2014)

--Sears Holdings Corporation (SHLD)

--SUPERVALU Inc. (SVU) (as of Feb. 22, 2014)

--Toys 'R' Us, Inc. (TOY)

--The Bon-Ton Stores, Inc. (BONT)

--Burlington Stores, Inc. (BURL)

--Claire's Stores, Inc. (CLE)

--J.Crew Group, Inc. (JCG)

--The Gymboree Corporation (GYMB)

--Michaels Stores, Inc. (MIK)

--NBTY, Inc. (NBTY) (as of Mar. 31, 2014)

--Neiman Marcus Group LTD LLC (NMG)

The interactive recovery analysis worksheets are available at 'www.fitchratings.com' under the following headers:

Sectors >> Corporate Finance >> Corporates >> Research

Additional information is available at 'www.fitchratings.com'.

The Recovery Ratings reflect the application of Fitch's current criteria which is available on Fitch's website at 'www.fitchratings.com'.

Applicable Criteria and Related Research: U.S. Retail Recovery Models -- First-Quarter 2014

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751189

Corporate Rating Methodology: Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715139

Recovery Ratings and Notching Criteria for Utilities - Effective May 3, 2012 to Nov. 19, 2013

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=693750

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Monica Aggarwal, CFA

Senior Director

+1-212-908-0282

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Philip Zahn, CFA

Senior Director

+1-312-606-2336

or

Isabel Hu, CFA

Director

+1-212-908-0672

or

Media Relations

Brian Bertsch, New York, +1 212-908-0549

brian.bertsch@fitchratings.com

Source: Fitch Ratings


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