S&P lifts GameStop credit rating, helping push into e-commerce
By Svea Herbst-Bayliss
Reuters
BOSTON (Reuters) - Ratings agency S&P Global Ratings on Wednesday raised GameStop's credit rating by one notch, a critical step in the video retailer's transformation into an e-commerce company.
S&P Global Ratings said in a note that it lifted GameStop's credit rating to "B" from "B-" and removed it from CreditWatch after the company issued $550 million in equity and redeemed all balance sheet debt.
"We expect these actions to provide additional runway to achieve its business transformation initiatives, provide liquidity, and improve GameStop's financial risk profile," S&P analysts wrote.