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