Moody's: Nordstrom outlook negative

Moody's Investors Service said it changed Nordstrom, Inc.'s outlook to negative from stable and affirmed its senior unsecured rating at Baa1.

The action follows the announcement of comparable store sales of negative 11.1% for the third quarter ended Nov. 1, according to the agency.

The negative outlook considers the recent accelerating downward trend of comparable store sales, earnings and cash flow, increasing leverage and the very challenging retail environment in which the company participates.

Debt-to-EBITDA ratio reached 2.3 times as of Aug. 2.

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