TJX Cos.’
credit ratings were raised by Standard & Poor’s because the owner
of T.J. Maxx and Marshalls stores has had steady sales growth and
fared better than most retailers in a sluggish economy.
TJX’s long-term corporate credit rating was raised to “A”
from “A-” and the short-term rating was increased to “A-1”
from “A-2,” the ratings service said. TJX had $676 million of
debt outstanding as of July 27, S&P said.
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The outlook is stable for TJX, the ratings firm said, as the
company is expected to keep its lead over other U.S. retailers
that sell brand-name clothing, accessories and home goods at
prices lower than department stores. Merchants are struggling to
boost sales and widen profit margins as a slow U.S. economic
recovery damps consumer spending.
The shares of TJX, based in Framingham, Massachusetts, fell 2
cents to $20.48 at 4:19 p.m. in New York Stock Exchange composite
trading. They have gained 37 percent in the past year.
TJX’s sales at stores open at least a year have risen almost
without a break in the past 12 years, helped by management’s
success in stocking new goods frequently and offering prices that
attract customers to its stores, S&P said. The retailer’s capital
spending and share-repurchase activities also are in line with its
strong capital structure, S&P said.
Bloomberg News
