Some Helpful Guidance On Recognising Factors In Commercial Loans

As mentioned above, Sears is marketing certain real estate properties with the goal of raising over $1 billion to fund operations. Sears could also continue to use real estate to secure additional debt. Therefore, Fitch has taken $1 billion out of the value of the real estate to reflect its view that this value would not be available as collateral against existing unsecured notes. Recovery to the senior unsecured notes also takes into account potential sizable claims under operating lease obligations and the company's underfunded pension plan. FULL LIST OF RATING ACTIONS Fitch has affirmed

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