: Fitch cuts Nordstrom’s credit rating into ‘junk’ territory

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Fitch Ratings downgraded Nordstrom Inc.’s long-term issuer default rating to “junk” status on Wednesday, to reflect its weakening operating profile amid competitive pressure and a weak economy. The ratings agency lower the rating to BB-plus from BBB-minus, just below investment grade. “Nordstrom’s operating trajectory has been weaker than most retailers, including its department store peers, since the start of the pandemic in early 2020,” Fitch said in a statement. “Nordstrom’s results have since trailed retail peers given its focus on fashion and occasioned-based apparel, exposure to markets with heavy domestic and international…

This article was originally published by Marketwatch.com. Read the original article here.

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