Moody’s downgrades Macy’s

Moody’s Investors Service said it downgraded Macy’s, Inc.’s Baa3 senior unsecured rating to Ba1. At the same time, Moody’s assigned Macy’s a Ba1 corporate family rating, Ba1-PD probability of default rating and an SGL-2 speculative grade liquidity rating. The senior unsecured rating at Macy’s Retail Holdings, Inc. and the May Department Stores Co. were also downgraded to Ba1 from Baa3. The outlook remains negative.

"The disruption and negative effect on consumer demand as a result of Covid-19 will require Macy’s to refocus its efforts toward prioritizing the preservation of liquidity and delaying its strategic plans to improve its operating performance," said Christina Boni, a Moody’s vice president, in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.