NEW YORK -- Moody's Investors Service here said last week it had placed the debt of Kmart Corp., Troy, Mich., on review for possible downgrade in light of ongoing restructuring initiatives and pressure from a chilly business environment. Currently, the discounter's senior unsecured debt rests at Baa3, the lowest tier of investment grade. Moody's analyst Philip Emma said, "They're performing operations better than they were, but the finances haven't yet caught up to that." Since August ...

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