by Amruth Sundarkumar | Nov 18, 2022 | Credit Ratings, High Yield Bonds
Macy’s was upgraded to BB+ from BB by S&P. This comes on the back of the American retailer improving its liquidity and operating performance while maintaining credit metrics lower than S&P’s leverage threshold of 3x. S&P notes that Macy’s...
by Amruth Sundarkumar | Aug 24, 2022 | Corporates, Global
US-based departmental store company Macy’s reported a solid second quarter with net sales and earnings better than expectations. While revenues were lower by 0.8% YoY to $5.6bn, they beat expectations of $5.5bn. Bloomingdale and Bluemercury, both owned by Macy’s...
by Amruth Sundarkumar | Apr 6, 2022 | Credit Ratings, High Yield Bonds
Macy’s issuer rating was affirmed at Ba1, but its secured bonds were downgraded to Ba2 from Baa3 by Moody’s. This comes on the back of “governance considerations”, the rating agency said. Macy’s Retail Holding’s completed an offer...
by Amruth Sundarkumar | Mar 1, 2022 | Corporates, Credit Ratings
US department store Macy’s was upgraded to BB from BB- by S&P. Its second-lien debt was upped to BBB- from BB+ and on its unsecured notes to BB from BB-. Macy’s reported strong operating results and reduced leverage during its Q4 update. Adjusted...
by Amruth Sundarkumar | Feb 23, 2022 | Corporates, Credit Ratings
Macy’s was upgraded to investment grade by Fitch, making it a rising star. It was upgraded to BBB- from BB+ with a stable outlook. The upgrade reflects Macy’s strong topline trajectory which Fitch notes, points to evidence of “successful...
