Macy's outlook cut to negative from stable, ratings affrimed - Moody's |
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Published
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Fri, 19 Oct 2007 17:52
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has changed its outlook on Macy's Inc to negative from stable, and has affirmed all its ratings -- including the 'Baa2' long-term rating and 'Prime 2' short term rating -- on the department stores operator.The outlook change reflects continuing negative comparable store sales in former May doors, credit metrics that are at the trigger points for a downgrade and the uncertain outlook on consumer spending that could further delay improvement in the company's former May stores' performance, Moody's said.Also, the rating outlook is negative reflecting the ongoing challenges of the year ahead which could cause credit metrics to weaken, Moody's added.Meanwhile, Macy's 'Baa2' long term ratings reflect the company's size and national presence, strong merchandising, private label expertise and company's quality of real estate, the ratings firm said.Macy's ratings could be lowered if its overall department store franchise and operating performance deteriorated as evidenced by negative comparable store sales, Moody's said.TFN.newsdesk@thomson.comypv/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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