Moody’s Cuts JC Penny (JPC) Debt Down to Junk

Wednesday afternoon Moody’s (MCO) downgraded JC Penny’s (JCP) debt to Ba1, which is just below the threshold to be considered junk debt. Moody’s decided to take another look at JCP after they issued guidance in February that was very weak for the first quarter of 2009. Furthermore, Moody’s competitor, Fitch Ratings, downgraded JCP [...]