Worst Buy: Best Buy Shares Down On Credit Downgrade

Shares of Best Buy

are down sharply today, down more than 3% as Fitch Ratings downgraded the company's long-term rating. Fitch cut the rating to BBB- from BBB+, citing high unemployment and housing costs and rising gas prices. As of the end of May, Best Buy had $2.1 billion of debt outstanding. At last check, shares of Best Buy were off 99 cents to $31.49, a loss of 3.05%.