Standard & Poor's last month revised its liquidity assessment for Sears to "adequate" from "less than adequate," following the REIT transaction and the extension of its lending facility. But the firm maintained its "negative" outlook on Sears, cautioning that although it "retains significant unencumbered real estate it can use to generate liquidity," it predicts "weak operating performance will persist." "A turnaround depends on the company's progress with its integrated retail strategy to reverse the lack of profitability and substantial cash use," S&P said. Read More Sears bull: Why it won't go the way of RadioShack In a separate note issued earlier in July, the ratings agency said that Sears had sufficient liquidity to fund losses from its retail business into at least late 2016. That analysis took into account the expected proceeds from the pending REIT transaction.