Rating Agency Downgrade Smackdown Continues

As Moody's was getting took much media attention today with assorted blurbs about worthless CMBS here and potential US downgrade there, S&P decided to strike right back with another wholesale downgrade, this time of the retail space after last week's energy whack. Six names were put on creditwatch negative:

Nordstrom: A-
JC Penney: BBB-
Macy's: BBB-
Sears: BB-
Dillards: B+
Neiman Marcus: B+

As usual S&P had to be really sure that nobody bought anything at all at any of these retailers over the holiday season before they decided to get proactive. Sphere: Related Content

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