Things are not going to get better for struggling Blockbuster, at least not in the near term -- that essentially was the verdict of Standard & Poor's, which on Wednesday cut the video rental firm's corporate credit rating to CCC, it's lowest rating for a company that has not been ordered liquidated ("Extremely vulnerable financial security. Questionable ability to meet obligations unless favorable conditions prevail.") In a statement, S&P said, "The downgrade reflects our view that performance will remain very challenged and our concern that Blockbuster will not be able to transform its business model over the near term, as we had expected." Blockbuster has reportedly already shut down more than 1,000 stores and is preparing to shutter hundreds of others, but has still not found a way to effectively compete against online renter Netflix and kiosk operator Redbox who have nabbed a huge chunk of Blockbuster's business.