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In the wide and varied family of the thousands and thousands of funds out there, the exchange-traded fund is one of the more consumer-friendly ones.
Unlike mutual funds, exchange-traded funds, or ETFs, behave more like stocks. You can buy
into an ETF at any time, and sell it whenever you feel like it. And like a stock, an ETF's value can rise and fall--depending
on what the ETF is invested in.What do ETFs invest in? Well, they're typically linked to an index like the Dow Jones Industrial
Average or the S&P 500. So, if you had an ETF that trades the same companies that make up the Dow or the S&P, it will
rise and fall in value pretty much the same amount as the Dow or S&P.
You can also buy ETFs that invest in other
types of products, like bonds, currencies, gold or other commodities. The ETF market has grown considerably in the past few
years, so there is no shortage of ETFs to invest in.
Home / Markets / Industries / Retail
Tuesday, June 24, 2008
Fitch Rates Macy's $650MM Senior Unsecured Notes 'BBB-'; Outlook Stable
Comtex
NEW YORK, Jun 24, 2008 (BUSINESS WIRE) ----Fitch Ratings has assigned a 'BBB-' rating to Macy's, Inc.'s (Macy's) new $650 million 7.875% senior unsecured notes due 2015. Proceeds from the offering will be used for general corporate purposes, which include refinancing upcoming 2008 maturities ($500 million notes due September 2008 and $150 million notes due November 2008). The bonds include change of control and coupon step-up provisions. The Rating Outlook is Stable.
The rating reflects Macy's strong operating margins relative to its industry peers, slow store expansion and relatively low reinvestment needs in the existing store base that enables the company to generate strong free cash flow. This is balanced against the highly competitive and challenging operating environment and weakness in the top line. In the near to medium term, Fitch anticipates leverage ratios to increase from current levels as Macy's operating performance remains pressured due to the expected softness in comparable store sales.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
SOURCE: Fitch Ratings
Fitch Ratings Monica Aggarwal, CFA, +1-212-908-0282 (New York) Tiffany Co, +1-312-368-3185 (Chicago) Brian Bertsch, +1-212-908-0549 (Media Relations, New York)
Copyright Business Wire 2008 ********************************************************************** As of Friday, 06-20-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-22-2008 for M @ $23.18. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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