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News Breaks | | | | February 28, 2013 | | 15:15 EDT |  | JCP | Moody's says J.C. Penney's rating, outlook unchanged after Q4 results
Moody's Investors Service stated that J.C. Penney's B3 Corporate Family Rating and negative outlook remain unchanged following its announcement of Q4 and FY12 operating results. JCP announced its Q4 and FY12 operating results which continued to reflect a significant decline in both sales and earnings. Overall, the results largely met Moody's low expectations and support the Corporate Family Rating of B3 and the senior unsecured notes rating of Caa1 with a negative outlook. Moody's belief that Q4 would show a severe decline in JCP's earnings was a key driver of its downgrade of the Corporate Family Rating to B3 in November 2012. | |
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