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Moody's Investors Service said Wednesday it downgraded Macy's Inc.(M: 9.03, +0.13, +1.5%) because of deteriorating credit and retail challenges.
"The downgrade reflects the sharp deterioration in Macy's credit metrics to levels that are more appropriate for a mid Ba rating" said Maggie Taylor, Moody's senior credit officer, in a statement.
Moody Investors Service assigned a corporate family rating of Ba2 from Baa3 which give and outlook rating stable.
"The downgrade also reflects Moody's expectation that Macy's operating performance will continue to be pressured given the current challenging consumer spending environment," Taylor added.
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