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With Virus Stalling Turnaround, JCP Sees Credit Rating Suffer

Thank you for joining Sourcing Journal & industry leaders at our SOURCING SUMMIT NY, as we discussed the most pressing issues of the day. View the Summit on demand through Jan. 2, and stay tuned for the upcoming Companion Report.

Moody’s downgraded J.C. Penney Co. Inc.’s corporate family rating as the retailer reportedly explores debt deal options. On Monday, the credit ratings firm lowered the retailer’s corporate family rating to “Caa3” from “Caa1,” and downgraded other ratings, such as its senior secured ABL Revolving credit facility and senior term loan notes. Moody’s also revised Penney’s…

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