S&P Affirms Macy's Credit Rating, Negative Outlook
New York City Standard & Poor's Ratings Services on Monday affirmed its credit ratings for Macy's Inc., citing the company's "generally good operating performance."
S&P has a "BBB-," or investment grade, long-term and "A-3" short-term credit rating on Macy's with a negative outlook. The short-term rating implies that adverse economic conditions may weaken Macy's ability to meet its financial commitments.
The agency said the negative outlook recognizes that Macy's will likely report a decline in profits in its fourth quarter and that the weak economy may negatively impact the business through at least the first half of fiscal 2009.