Daily News Record, September 9th, 1994
NEW YORK (FNS) -- Standard & Poor's has lowered its senior debt rating of ShopKo. Stores, Inc., to triple B from triple B plus, affecting about $400 million of securities.
The rating agency said the down-grade reflects high capital expenditures and weak earnings in the latest year.
S&P noted it does not expect a significant improvement in ShopKo's financial performance in the near term.
ShopKo, based in Green Bay, Wis. hiked its capital expenditures in 1993 to over $130 million, more than double the 1991 level, S&P said....
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