Home appliance retailer Sears Canada Inc acknowledged that certain rating agencies have announced downgrades in their ratings of Sears Canada and its debt. Sears Canada acts as servicer of the Sears Card receivables portfolio.
The downgrade gives SCORE Trust a right to terminate Sears servicing responsibilities to the trust. SCORE Trust is a securitization vehicle which acquires undivided co-ownership interests in the Sears Card receivables portfolio.
On August 31, 2005, Sears Canada announced that it had entered into an agreement to sell its Credit and Financial Services business to JPMorgan Chase & Co. Subject to applicable approvals, upon completion of the transaction JPMorgan Chase & Co, or one of its affiliates, will become the issuer of the Sears Card and assume Sears Canada's role as servicer to SCORE Trust.
Sears Canada regularly monitors the assessments of rating agencies to determine the effect, if any, on the Company.
Toronto based online merchandiser Sears Canada is a multi-channel retailer with a network of 122 full-line department stores, 217 off-mall stores, 62 home improvement showrooms, over 2,200 catalogue merchandise pick-up locations, 113 Sears Travel offices and a nationwide home maintenance, repair, and installation network.
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