S&P cuts Pathmark

Standard & Poor's said it lowered its ratings on Pathmark Stores Inc. including the corporate credit rating to B from B+. The subordinated debt is rated CCC+.

The outlook is negative.

S&P said the downgrade follows the company's report that it has revised its guidance for fiscal 2004, primarily due to lower-than-expected sales for the quarter ending Oct. 30, and its expectation for continued sales weakness in the fourth quarter.

S&P anticipates that EBITDA will now be at the low end of management's revised expectations of $140 million to $146 million. This is down from previous guidance of $154 million to $165 million and well below the $190 million achieved in 2003.

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