According to a press release from Standard & Poor's last week, the rating agency lowered its ratings on 14 Kmart Corporation-related credit tenant lease transactions and placed them on CreditWatch with negative implications. This action was in conjunction with S&P's lowering of Kmart Corp.'s issuer credit rating to single-B-minus from double-B-plus on January 14.

Concurrently, Moody's Investors Service downgraded Kmart Corp.'s senior unsecured debt rating to Caa1' - the second downgrade in less than a week and the seventh notch downward from an investment-grade Baa3' rating held by the company as recently as Dec. 14.

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