S&P cuts its rating on Best Buy (BBY +15.1%) to BB+ from BBB-, saying a buyout led by founder...

|About: Best Buy Co. (BBY)|By:, SA News Editor

S&P cuts its rating on Best Buy (BBY +15.1%) to BB+ from BBB-, saying a buyout led by founder Richard Schulze would "materially weaken" the company with the substantial amount of debt it would add to the retailer's balance sheet. The ratings agency says depending upon the nature of a finalized buyout, it could lower its ratings by several more notches.