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Fitch upgrades J.C. Penney
Fitch Ratings said it upgraded the issuer default ratings of J.C. Penney Co., Inc. and J.C. Penney Corp., Inc. to B- from CCC.
The outlook is stable.
J.C. Penney has demonstrated a meaningful turnaround in its business over the last seven quarters, Fitch said.
The agency said it expects the company to generate EBITDA of about $650 million in 2015 versus $277 million in 2014, the agency said.
The upgrades also consider increased confidence in J.C. Penney’s ability to improve EBITDA to the $800 million range in 2016 and move toward $1 billion in 2017, Fitch said.
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