U.S. department store Macy's clarified its financial policy and outlined credit ratio targets that are in line with an investment-grade rating. The company continues to demonstrate robust performance, with results ahead of peers. We are raising the corporate credit rating to 'BBB-' from 'BB+'. The stable outlook reflects our expectation for continued operational gains and debt repayments to strengthen credit protection ratios over the intermediate term. On May 18, 2011, Standard & Poor's Ratings Services raised its corporate credit rating on Cincinnati-based Macy's Inc. to 'BBB-' from 'BB+'. At the same time, we raised the issue-level rating on the company's unsecured notes to 'BBB-' from 'BB+'. The outlook is stable The upgrade, which returns the rating to investment grade after...
Companies mentioned in this report are:
- Macy's Inc.
- Macy's Retail Holdings Inc.
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