Fitch Downgrades Nordstrom's Credit Rating as It Battles Coronavirus Headwinds
Credit rating agency Fitch Ratings downgraded Nordstrom's (NYSE: JWN) corporate debt on Wednesday, citing the impact of the COVID-19 epidemic and its potential effect on consumer discretionary spending through 2021.
Fitch dropped Nordstrom's long-term credit issuer rating one notch, from "BBB+" to "BBB," with a negative outlook. While Nordstrom's debt is still considered investment grade (the highest rating assigned to corporate issuers), it's now just two notches above speculative or "junk" status.
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Source Fool.com
