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Fitch Ratings Questions J.C. Penney’s ‘Untenable’ Capital Structure

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Fitch Ratings on Wednesday downgraded J.C. Penney Co. Inc.’s issuer default rating to “CCC+” from “B-,” putting the retailer’s loan debt in junk territory. The credit ratings agency said the downgrade reflected continued market share losses and declining EBITDA (earnings before interest, taxes, depreciation and amortization), with “lack of visibility for a material turnaround” although there…

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