J.C. Penney ratings downgraded by Moody's | Essentials

J.C. Penney ratings downgraded by Moody's

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NEW YORK Moody's Investors Service is cutting its long-term ratings for J.C. Penney (JCP) one step lower into non-investment of junk grade status. Moody's lowered the department store chain's corporate family and probability of default ratings to "B3" from "Ba3." The outlook is "negative." Penney's posts huge loss J.C. Penney shares fall on outlook As J.C. Penney flounders, investors bail Moody's says the downgrades reflect its expectation that J.C. Penney's fourth-quarter profitability will take a big hit as a result of the need to clear excess inventory. Combined with continued sales declines in the fourth quarter, J.C. Penney will end up with significantly lower profits and ultimately a 2012 credit profile that warrants an even lower "Ca" rating, Moody's says. Earlier this month, J.C. Penney reported a wider-than-expected third-quarter loss on a revenue drop of nearly 27 percent.

Keywords:

Penney department store chain excess inventory big hit NEW YORK investors long-term bail step month one step cutting flounders downgrades corporate sales

People:

J.C. Penney

Overall Sentiment: -0.278445

Relevance: 0.945374

Sentiment	Quote
-0.199227	J.C. Penney will end up with significantly lower profits and ultimately a 2012 credit profile that warrants an even lower "Ca" ...
Sentiment Stats:	Number of Quotes: 1 Aggregate Sentiment: -0.199227 Mean: -0.199227 Standard Deviation: 1.4142135623731

Key:

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• The Mean is meant to be an indicator of an individual's average comment sentiment.
• The Standard Deviation, when there are enough quotes, will indicate an individual's consistency of sentiment (i.e. a Standard Deviation of 0 would mean they were very consistent in their sentiment and 1 would mean they were very inconsistent).

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Additional Info:

Company: Moody

Overall Sentiment: -0.163215

Relevance: 0.466847

Disambiguation: PeriodicalPublisherReferences:

• Moody's
• Moody's: dbpedia
• Moody's: freebase
• Moody's: yago
• Moody's: crunchbase
• Moody's: semanticCrunchbase

Webpage Meta Info

Webpage Provided Desc:

Ratings agency says downgrades reflect its expectation that J.C. Penney's fourth-quarter profitability will take a big hit

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J.C. Penney ratings downgraded by Moody's

Site Provided Keywords:

• downgrade
• j.c. penney
• junk status
• moody's investors service
• retailer

Source : J.C. Penney ratings downgraded by Moody's

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