"We believe American Eagle Outfitters will be a winner in the teen space, driving revenue with promotions that we believe were all planned," Tennant wrote. Even the credit ratings agencies have been slow to act. After Sears Holdings ( SHLD) announced it was closing underperforming stores, the retailer was downgraded by Standard & Poor's two notches this week to CCC+ from B, or further into junk territory. Sears has been under pressure for some time, but it took S&P this long -- and the announcement of store closures and profit warning -- to decide the flailing department store will "remain under pressure" in 2012. -- Reported by Jeanine Poggi in New York.