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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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