Best Buy's credit rating slips

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Another bit of disappointing news for troubled Best Buy. The Business Journal reports that two credit ratings services cut the Richfield-based retailer's rating. Standard and Poor's lowered the rating by one step, from BB+ to BB. Meanwhile, Fitch Ratings dropped Best Buy by two notches, from BB+ to BB-.

Both firms also say they have a negative outlook for the company.

This news comes just one day after Best Buy reported worse-than-expected financial results from the third quarter.

On Tuesday, Best Buy's stop plummeted by 13 percent. On Wednesday, Best Buy's stock fell by more than 3 percent. At the close on Wednesday, shares were at $11.57.

The news comes as the electronics giant is poised for the most lucrative weeks for its stores heading into the holiday season

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Richard Schulze may have trouble financing his offer to buy up all the shares of Best Buy. He'd need to take on an estimated $7 billion in debt to swing the deal. That prospect led both S&P and Fitch to further reduce Best Buy's already poor credit rating.

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