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S&P lowers Jo-Ann, debt
Standard & Poor's said it lowered its corporate credit rating on Jo-Ann Stores Inc. to B+ from BB-.
The ratings remain on CreditWatch with negative implications, where they were placed on Oct. 6.
The agency said in a corrected rating for the company's subordinated debt, which was lowered to B- from B.
S&P noted the rating action is based on weak operating trends in December, the most important sales month of the year and the expectation of a challenging year ahead.
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