Two credit ratings services cut Best Buy Co. Inc.'s rating on Wednesday, a day after the electronics retailer reported worse-than-expected financial results from the third quarter.
Standard & Poor's lowered Richfield-based Best Buy's rating one notch to BB, from BB+, Bloomberg reported. Fitch Ratings downgraded Best Buy two notches to BB-, from BB+.
Both firms also say they have a negative outlook for the company
this will cut into profits next quarter