negative outlook for retailors through the year end

--Moodys is cautious about the retailors' outcoming performance. Many of them will have promotional top-line sales because customers have been pinched by housing and sotck market --Retailors overbought their inventory. They bought their inventory months ago coinciding with the markt recovery. They were optimistic about economy and tended to overbuy. --The negtive outlook reflects the aftermaths of LBOS deals in the past few years. Many retailors are burdened with interest expense due to LBOs and have to cover them by the year end.