S&P downgrades Target to 'A' following 4Q results

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Associated Press

Posted on March 28, 2014 at 2:01 PM

Updated Friday, Mar 28 at 2:02 PM

NEW YORK (AP) — Standard & Poor's Ratings Services is lowering its rating on Target Corp. following weaker-than-expected fourth-quarter results that were dragged down by a massive data breach and a disappointing foray into Canada.

The rating agency said Friday that it lowered its ratings one notch down to "A'' from "A+." The rating is still four grades above speculative or junk status. S&P says the outlook is still "Stable," implying further changes are not imminent.

The move comes a month after the nation's second-largest discounter reported its fourth-quarter profit fell 46 percent on a revenue decline of 5.3 percent.

Target's shares were unchanged at $59.98 in after-hours trading Friday after rising 24 cents in regular trading.

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