EFTA Document EFTA01378320

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade The Gap (GPS) Updated: November 2, 2015 Trade Idea: ► Buy Gap 5-year bond. Investment Rationale: ► S&P revised the outlook on the Gap (GPS) BBB- rating to negative (from stable). Rationale for the action was mainly the announcement that the head of the Old Navy brand, Stefan Larsson, is leaving to become the CEO of Ralph Lauren. Old Navy has been GPS' best performing brand and has been supp