Aug. 17, 2018 3:47 PM ET
J.C. Penney's credit moves deeper into junk territory, with Moody's earlier trimming to B3 from B2, and S&P minutes ago cutting to B- from B.
The company's "aggressive" liquidation of inventory will be a "significant" headwind to operations, says Moody's. Helping, though, is decent liquidity of about $2.2B as of the start of the month. "Minimal" free cash flow going forward is expected, however.