Standard & Poor’s downgraded the ratings on Dillard’s (NYSE: DDS), J.C. Penney (NYSE: JCP), Macy’s (NYSE: M), Neiman Marcus (private) and Nordstrom (NYSE: JWN).
Standard & Poor’s credit analyst Diane Shand said, “The rating actions reflect Standard & Poor’s deepening concern about the impact of the U.S. recession on the increasingly troubled department store sector which felt the full brunt of the declining U.S. economy and weakening consumer confidence in 2008…”
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