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Published on 5/31/2019 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

Moody’s downgrades J.C. Penney

Moody's Investors Service said it downgraded J.C. Penney Co., Inc.’s corporate family rating to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD.

Moody's also downgraded J.C. Penney Corp., Inc.'s senior secured asset-based revolving credit facility to B2 from Ba3, its senior secured term loan and senior secured notes to B3 from B1, its secured second-lien notes downgraded to Caa2 from Caa1 and its senior unsecured notes were downgraded to Caa3 from Caa2.

The outlook is stable.

The company's SGL-1 rating was downgraded to SGL-2.

“J.C. Penney's continues its aggressive liquidation of inventory as it works to recapture customers in a very competitive environment,” Moody's vice president Christina Boni said in a news release.

"Further pressure on sales performance in 2019 is expected to result in leverage remaining elevated.”


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