S&P 500 Downgrades A&F

Officials at the Standard & Poor's 500 stock index say New Albany-based Abercrombie & Fitch is being downgraded to an index for companies with smaller market values. That index is called the S&P MidCap 400. The move is part of a broader reshuffling of several S&P market trackers, which become effective after the close of trading on December 20th. Abercrombie & Fitch stock is down 31 percent this year as teen retailers fade in popularity.