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29, 2016, consisting of cash of $258 million and $174 million available under its credit facility. The $174 million available on the $1,971 million domestic credit facility reflected $370 million of borrowings and $660 million of letters of credit outstanding, the effect of the springing fixed-charge coverage ratio covenant of $200 million, and another $567 million that was not available due to the borrowing base limitation. Recovery Considerations for Issue-Specific Ratings In accordance with Fitch's Recovery Rating (RR) methodology, Fitch has assigned RRs based on the company's 'CC' IDR. Fitch's recovery analysis assumes a liquidation value under a distressed scenario of approximately $5.6 billion (low seasonal inventory) to $6.3 billion (peak seasonal inventory) on domestic inventory, receivables, and property, plant and equipment. Fitch has valued the 269 properties that Sears still owns (excluding 125 Sears full-line mall stores in a bankruptcy-remote vehicle and 27 specialty stores) at a similar price per square foot as the 235 properties sold under the Seritage transaction in 2015, which puts the total valuation at around $2.6 billion. The $1,971 million domestic senior secured credit facility, under which Sears Roebuck Acceptance Corp. (SRAC) and Kmart Holding Corporation (Kmart) are the borrowers, is rated 'CCC+/RR1', indicating outstanding (90% to 100%) recovery prospects in a distressed scenario. Holdings provides a downstream guarantee to both SRAC and Kmart borrowings, and there are cross-guarantees between SRAC and Kmart.


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