The county is fully on the hook for their senior debt.
Sears said that other rating agencies continued to rate its senior debt as single A.
The senior debt of the company is now rated Aa2.
Their claims rank below about $1.5 billion in senior debt.
The company has about $1.5 billion in senior debt, far more than even the highest estimates of its current market value.
Since the crisis, funding by senior debt has become more common.
Chemical would provide the senior debt and, according to the announcement, might take part with other banks.
The company's senior debt was quoted at about 60 cents on the dollar today.
The yield of the senior debt has not been determined but could be 11 percent or less.
The company has senior debt of about $1.55 billion.
