Fitch Lowers Blockbuster Rating

New York City, Fitch Ratings reduced Blockbuster’s debt ratings, which already had been at junk status. The arrival of Carl Icahn to the board of directors, and his previous complaints about the direction of the company, precipitated the rating change. “Fitch believes that the uncertainties related to Blockbuster’s strategic direction and fiscal policies brought on by the expected appointment of Carl Icahn and his two nominees to the board … negatively affects bondholders,” according to the New York City-based ratings service.