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S&P downgrades Dillard’s
S&P said it downgraded its ratings for Dillard’s Inc. to BB- from BB, citing the effects of the coronavirus.
“Severe headwinds will cause a significant deterioration in credit metrics this year. We anticipate that the fallout from coronavirus pandemic including store closures, lingering social distancing, and general economic downturn will result in a sharp decline in revenue in excess of 20% this year,” said S&P in a press release.
The outlook is negative.
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