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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 13, 1998
Date of earliest event reported: November 11, 1998
THE MAY DEPARTMENT STORES COMPANY
(Exact name of Registrant as specified in its charter)
Delaware I-79 43-1104396
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
611 Olive Street, St. Louis, Missouri 63101
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
(314) 342-6300
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Item 5. Other Events.
On November 11, 1998, Moody's Investors Service ("Moody's")
upgraded the ratings of The May Department Stores Company's
("May") long-term debt and assigned a rating for the first time
to its bank credit facility. The rating on May's senior
unsecured notes, debentures and medium term notes were upgraded
to single-A-1 from single-A-2. May's bank credit agreement was
rated at single-A-1. In addition, Moody's confirmed its prime-1
rating of May's commercial paper. A security rating is not a
recommendation to buy, sell or hold securities; it may be
subject to revision or withdrawal at any time by the assigning
rating organization; and each rating should be evaluated
independently of any other rating.
Based on information from Moody's Investors Service, Inc.:
Bonds rated single-A possess many favorable investment
attributes and are to be considered as upper-medium-grade
obligations:
- Factors giving security to principal and interest are
considered adequate, but elements may be present which
suggest a susceptibility to impairment some time in the
future;
- Moody's applies numerical modifiers, 1, 2 and 3 in its
single-A rating. The modifier 1 indicates that the
security ranks in the higher end of its generic rating
category; the modifier 2 indicates a mid-range ranking;
and the modifier 3 indicates that the issue ranks in
the lower end of the category.
Issuers rated prime-1 have a superior ability for repayment
of senior short-term debt obligations; repayment ability is
often evidenced by many of the following characteristics:
- Leading market positions in well-established
industries;
- High rates of return on funds employed;
- Conservative capitalization structure with moderate
reliance on debt and ample asset protection;
- Broad margins in earnings coverage of fixed financial
charges and high internal cash generation; and
- Well-established access to a range of financial markets
and assured sources of alternate liquidity.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
THE MAY DEPARTMENT STORES COMPANY
Dated: November 13, 1998 By: /s/ Richard A. Brickson
Richard A. Brickson
Secretary and Senior Counsel
