TEXT-S&P: Best Buy's CFO plan won't affect ratings

Wed Oct 10, 2012 11:11am EDT

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.
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