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Research Update: Macy's Inc. Upgraded To 'BBB-'; Returns To Investment Grade; On Robust Performance And Stronger Credit Metrics Product Image

Research Update: Macy's Inc. Upgraded To 'BBB-'; Returns To Investment Grade; On Robust Performance And Stronger Credit Metrics

  • ID: 1791536
  • May 2011
  • Standard & Poors

Abstract
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.
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Macy's Inc.,Macy's Retail Holdings Inc.

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