(The following statement was released by the rating agency)
Oct 10 - Standard & Poor's Ratings Services said today that its ratings onBest Buy Co. Inc.
(BB+/Watch Neg/--) are not immediately affected by theconsumer electronics retailer's announcement that it plans a CFO transitionperiod in which its current CFO, James L. Muehlbauer, will continue in thatposition until the end of the fiscal year, Feb. 3, 2012. We placed the ratingson CreditWatch with negative implications on April 4, 2012, because of our viewthat the company's restructuring of operations underscores the problems thatBest Buy is having with its current business model. We subsequently lowered theratings on Aug. 6, 2012, and kept them on CreditWatch with negativeimplications, following the buyout offer by the company's founder. Today'sannouncement does not affect the CreditWatch placement or our timing forresolving the CreditWatch listing.
(New York Ratings Team)