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S&P Cuts Saks' Credit Rating Over New Financing Package

Saks Fifth Avenue Inc. in New York.
Photographer: Sarah Blesener/Bloomberg

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By Georgia Hall and Jeannette Neumann

July 9, 2025 at 11:51 AM EDT

Updated on

July 9, 2025 at 6:32 PM EDT

S&P Global Ratings downgraded Saks Global Enterprises LLC credit rating by three notches after the company announced a $600 million financing package that includes a debt exchange.

Saks’ issuer credit rating is now CC — 10 rungs below investment grade — the same as for the issuer level rating on its notes, which was downgraded by five notches. The new debt deal will rearrange repayment priorities should the company fail to meet its obligations, Bloomberg previously reported.