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Fitch lowers Macy's to BB+
Fitch Ratings said it downgraded Macy's Inc. to BB+ from BBB-. The outlook is negative.
“The downgrade and negative outlook reflect the significant business interruption from the coronavirus pandemic and the implications of a downturn in discretionary spending that Fitch expects could extend well into 2021,” said Fitch in a press release.
Fitch said it forecasts a sharp increase in leverage to more than 11x in 2020 from 2.9x in 2019, based on EBITDA declining to around $325 million from $2.2 billion on a revenue decline of nearly 25% to $19.2 billion.
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