S&P upgrades Nordstrom

Standard & Poor's said it raised the corporate credit rating on Nordstrom Inc. to A- from BBB+, along with the rating on the company's unsecured debt to A- from BBB+. The short-term and commercial paper ratings remain at A-2.

The outlook is stable.

The upgrade reflects the company's continued robust performance and maintenance of strong credit protection metrics, S&P said, as well as an expectation that these trends are likely to continue over the intermediate term.

The ratings also consider its relatively stable performance over the past year and an expectation of further good growth, the agency said.

Nordstrom's strong business profile is based on its solid market position in the department store sector, with a well-established customer franchise in terms of image and recognition, S&P said.

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