J.C. Penney Gets Downgraded Yet Again
Another ratings firm has expressed its view of J.C. Penney, and it was less than favorable. According to S&P Global, things at the department store retailer aren’t likely to improve in time to save it from a debt crisis. S&P downgraded its corporate credit rating amid a decline in sales at J.C. Penney in the second quarter.
Despite the bad press, J.C. Penney is adamant that bankruptcy is not on the table, and analysts mostly agree that the retailer will be able to keep its head above water for the time being.
S&P analysts based their downgrade partly on the unlikelihood that Penney’s “operating performance will materially improve before it faces sizeable upcoming debt maturities.”