S&P places Best Buy's (BBY) BBB- rating on a credit watch with negative implications due to...

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

S&P places Best Buy's (BBY) BBB- rating on a credit watch with negative implications due to a business model that it says "is not working" and a lack of progress by the retailer to improve its performance. The ratings agency will meet with company management before issuing a final determination on whether Best Buy's rating will fall into junk status. Shares broke lower off the news and now stand down 3.3%.