Macy’s Credit Rating Cut to ‘Junk’ on Turnaround Doubts

Credit ratings firm S&P Global Ratings has cut Macy’s Inc.’s credit rating to “junk,” citing execution risks as the retailer tries to reverse its fortunes in the challenging department-store sector. The long- and short-term term issuer credit rating was lowered to “BB+” and “B” from “BBB-” and “A-3,” respectively, while the retailer’s senior unsecured debt…