Standard & Poor’s, in a move that was largely expected, on Friday downgraded Saks Global.

The ratings agency downgraded Saks Global to “selective default” from “CC” and its issue-level rating on notes issued in December 2024 to ‘D’ (default) from ‘CC.’ S&P has been concerned about Saks’ liquidity, revenue declines, overdue payments to vendors, and inventory shortages.

While being downgraded is not a good look for Saks, S&P’s anticipated move is viewed as more of a technicality that shouldn’t have any tangible impact on the retailer’s operations or future financing ability.

The downgrade comes in the aftermath of Saks Global completing its debt restructuring on Aug. 20, which included the exchange of notes issued in December 2024 used to finance Saks’ $2.7 billion acquisition of the Neim

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