Target Corporation -- Moody's says Target's delay and reduction of share repurchases short-term credit positive

New York, February 26, 2014 -- In a release published earlier today, Moody's Investors Service stated that Target Corporation's ("Target") public statement earlier today that it was reducing its planned share repurchases for 2014 to $1-2 billion from the originally-planned $4 billion, with activity likely to be limited to the second half of 2014, is a short-term credit positive. "This delay and reduction in share repurchases will provide the company with increased liquidity as it continues its attempts to gain traction with its Canadian business, as well as fund any potential out-of-pocket costs that may emanate from the credit card breach," stated Moody's Vice President Charlie O'Shea. "In addition, the statement by the company that it remains fully-committed to take steps necessary within its control to maintain its existing ratings is a plus as well."

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