TEXT-S&P: Best Buy's CFO plan won't affect ratings
(The following statement was released by the rating agency)
Oct 10 - Standard & Poor's Ratings Services said today that its ratings on Best Buy Co. Inc.
(BB+/Watch Neg/--) are not immediately affected by the consumer electronics retailer's announcement that it plans a CFO transition period in which its current CFO, James L. Muehlbauer, will continue in that position until the end of the fiscal year, Feb. 3, 2012. We placed the ratings on CreditWatch with negative implications on April 4, 2012, because of our view that the company's restructuring of operations underscores the problems that Best Buy is having with its current business model. We subsequently lowered the ratings on Aug. 6, 2012, and kept them on CreditWatch with negative implications, following the buyout offer by the company's founder. Today's announcement does not affect the CreditWatch placement or our timing for resolving the CreditWatch listing.
(New York Ratings Team)