TEXT-S&P: Limited Brands ratings unchanged by dividend

Tue Dec 11, 2012 11:47am EST

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Dec 11 - Standard & Poor's Ratings Services said today that the announcement
by Columbus, Ohio-based Limited Brands Inc. of a $3 per share special
dividend will have no immediate effect on our ratings on the company, including
the 'BB+' corporate credit rating, or outlook. We estimate that the special
dividend will total about $865 million.

In our view, the company will continue to take shareholder-friendly actions in 
the future, including share repurchases and special dividends. This is already 
factored into our assessment of Limited's financial risk profile. We believe 
that these actions could be meaningfully larger than historical amounts, and 
will depend upon company performance. We expect the company's operations to 
improve further over the next 12 months, which should benefit credit 
protection metrics.
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