| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers J > Headlines for J.C. Penney Co., Inc. > News item |
Fitch downgrades J.C. Penney
Fitch Ratings said it downgraded J.C. Penney Co., Inc.'s and J.C. Penney Corp., Inc.'s issuer default rating to B- from B.
The outlook is negative.
The agency also downgraded J.C. Penney Corp.'s $1.85 billion senior secured bank credit facility to BB-with a recovery rating of RR1 from BB with a recovery rating of RR1 and its $2.9 billion senior unsecured notes and debentures to B- with a recovery rating of RR4 from BB- with a recovery rating of RR2.
The downgrades reflect concerns about a lack of visibility and the company's ability to stabilize its business in 2013 and beyond after a precipitous decline in revenues leading to negative EBITDA of $270 million in 2012, Fitch said.
The agency said it is not known if J.C. Penney has done irrevocable damage or whether it can stabilize its core revenue base and sustainably improve profitability of its business.
© 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.