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To: Jan Crawley who wrote (39978)	2/14/1999 2:33:00 PM
From: Glenn D. Rudolph	Respond to of 164684

Service Merchandise Co. Inc. January 26, 1999 DCR Withdraws Service Merchandise's Bank Credit Facility Rating CHICAGO, Jan. 26 /PRNewswire/ -- Duff & Phelps Credit Rating Company (DCR) has withdrawn its 'B+' (Single-B-Plus) rating of Service Merchandise's (SME) $900 million secured bank credit facility which was placed on Rating Watch-- Down on December 15, 1998. This rating action is based upon the company's January 22, 1999 announcement that it had entered into a new bank credit facility retiring its existing facility. DCR maintains its 'CCC' (Triple-C) ratings of SME's senior unsecured and senior subordinated notes. SME is a specialty retailer focusing on fine jewelry and home decor. The company operates 347 stores in 34 states. /CONTACT: Sheila M. McNeely, 312-368-3185, mcneely@dcrco.com or Thomas P. Razukas, CFA, 212-908-0223, razukas@dcrco.com, both of DCR/