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."

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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