JCP gets "junk" status
May 30, 2003,
New York — Citing a weak first quarter and continued downward pressure on profits, Standard & Poor's, one of the big three corporate credit rating agencies, knocked J.C. Penney down a notch to 'junk bond' status.
S&P took the retailer's bank loan rating to 'BB+' from 'BBB-.' About $5.2 billion in debt is involved. The outlook, S&P continued, is "negative."