<ul data-eligibleForWebStory="false"><li>S&P Global Ratings has downgraded Saks Global Enterprises' credit rating from 'CCC+' to 'CC' due to a proposed $600 million financing transaction seen as equivalent to a default.</li><li>The financing package involves a debt exchange and re-tiering of senior secured notes at a discount, resulting in noteholders receiving lower value and a lower priority.</li><li>S&P cited Saks Global's operational and liquidity challenges, market position weakening against competitors, and a $517 million operating cash flow deficit in 2024.</li><li>Saks Global emphasized that the rating update is expected with such transactions, highlighting no default under existing agreements and reiterating confidence in their operations and financing package.</li></ul>

S&P Global Downgrades Saks Global’s Credit Rating, Citing Financing Package

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