New Rating for Proposed Debt Offering
Moody's Investors Service assigned a Baa3 rating to
proposed senior unsecured notes offering.
The proceeds of the proposed offering would be used for general corporate purposes including share repurchases.
Gap's previous ratings were withdrawn in March 2009; this is a new rating.
The rating outlook is stable.
"Moody's views Gap Inc.'s ability to grow earnings during the recession as a result of disciplined inventory management and an ongoing realignment of the store fleet as a favorable rating consideration," the rating agency said.