The PPooroor CCredit Mall

Companies in this faux mall are rated as speculative investments at Moody’s and S&P as of April 13. These stores are already in financial trouble, and may not be able to access government stimulus money. The stores with the worst ratings are closer to the top of the mall. Brands that are part of the same company, like the Gap and Old Navy, are included in the same storefront.

Store footprint is relative to company revenue

Lowest-rated stores Less than More than Specialty $1 billion $20 billion S1 GNC Near or in default, they have a low likelihood of recovering Moody’s rates: Ca, CC R1 Steak ‘n Shake S&P rates: CC, C, D

Restaurants Department Stores GPS Hospitality Holding owns R1 Red Lobster franchises for these chains D1 J.C. Penney R2 / / Hut D2 Belk R3 D3 Neiman Marcus R4 P.F. Chang’s Bistro R5 R6 Chuck E. Cheese R7 Fogo de Chao Low-rated stores

Poor-quality investment ratings with a very high credit risk Moody’s: Caa1, Caa2, Caa3 S&P: CCC

Apparel Specialty

Automotive A1 J. Jill S1 Main Event S5 Guitar Center A2 S2 S6 Talbots Same Petco At Home M1 AutoNation A3 J. Crew company S3 Jo-Ann S7 Bob’s Discount Furniture M2 Service King A4 S4 Party City S8 99 Cents Only Stores

Specialty

S1 Bed Bath & Beyond S5 Camping World S2 GameStop S6 Bass Pro Shops S3 S7 Conn’s HomePlus S4 PetSmart S8 Spencer’s / Spirit Halloween

Medium-rated stores

able to meet financial commitments Moody’s: B1, B2, B3 S&P: B Apparel Carrols A1 Victoria’s Secret / Bath & Body Works / Pink Restaurants Group owns franchises A2 Abercrombie & Fitch / Abercrombie Kids / Hollister for these chains A3 Men’s Wearhouse / Moores / JoS. A. Bank R1 Burger King / Popeyes A4 Anywear / Cherokee / Dickies R2 A5 Cole Haan R3 Maggiano’s Little Italy / Chili’s A6 Fossil R4 Applebees / Bell / Panera A7 Lands’ End R5 Flynn A8 Nine West R6 Tacala LLC Restaurant A9 Augusta Sportswear R7 ’ Group

Automotive Restaurants Yum Brands owns M1 Penske Automotive R1 Steakhouse franchises for these chains M2 Sonic Automotive R2 KFC / / Taco Bell M3 Lithia Motors R3 / Burger King / Popeyes M4 Group 1 Automotive Restaurant Brands M5 Asbury Automotive International Department Stores

D1 Macy’s / Bloomingdale’s D2 Burlington D3 Dillard’s Higher-rated stores

Less vulnerable to economic conditions

Moody’s: Ba1, Ba2, Ba3 S&P: BB

Apparel

A1 A2 Foot Locker A3 Levi’s / Dockers A4 Hanes / Champion Specialty A5 Under Armour A6 Michael Kors / Versace / Jimmy Choo S1 A7 Tommy Hilfiger / Calvin Klein / Izod S2 Michael’s A8 Carters / OshKosh B’gosh S3 Zales / Jared / Kay Jewelers A9 Naturalizer / Sam Edelman S4 Floor & Decor A10 Lee / Wrangler S5 Rent-A-Center A11 Wolverine Worldwide S6 Sally Beauty