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Nordstrom and its unsecured debt ratings were downgraded by a notch to BB from BB+ by Fitch. The downgrade reflects Fitch’s reduced confidence in the company’s ability to defend its market share and stabilize EBITDA amid headwinds faced by the department store segment. Despite several strategic initiatives launched by the company, in 2023, its revenue and EBITDA were 5% and 23% below 2019 levels, highlighting operating challenges faced by it since the pandemic. According to Fitch, the company has not been able to leverage its advantages like having a leading omnichannel model or exposure to the growing off-price segment to drive profitability growth.
Its dollar bonds traded stable with its 4% 2027s at 95.4 cents on the dollar, yielding 5.73%.