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S&P upgrades Dillard's
Standard & Poor's said it raised the corporate credit rating on Dillard's Inc. to BB from BB-, along with rating on the company's unsecured debt to BB from BB-.
The agency said it maintains the 3 recovery rating on the debt, indicating 50% to 70% expected recovery in a default.
The outlook is stable.
The upgrade reflects the company's steady performance growth over the past year, S&P said.
The upgrade also incorporates a view that operations will demonstrate modest gains over the next 12 months and credit protection measures will remain strong, the agency said.
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