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JCP gets "junk" status

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."