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Oct. 30, 2019, 5:25 p.m. EDT

Nordstrom debt rating gets cut by S&P to 'BBB'

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By Wallace Witkowski

JWN

Nordstrom Inc. /zigman2/quotes/203902116/composite JWN +0.40% had its debt downgraded by S&P Global Ratings late Wednesday on the belief that weak conditions for brick-and-mortar retailers will persist. S&P downgraded Nordstrom to a "BBB," or two notches above a junk rating, from "BBB+" with a stable outlook. "The downgrade reflects our view that Nordstrom's competitive standing has weakened because of challenging industry conditions, which we don't expect to abate," the ratings agency said in a statement. "Shifting consumer tastes, changing shopping habits, and greater competition have created a difficult environment that we believe will continue to pressure the company's operating metrics." Nordstrom shares were flat after hours, having closed down 5.1% at $35.21.

/zigman2/quotes/203902116/composite
US : U.S.: NYSE
$ 37.56
+0.15 +0.40%
Volume: 1.85M
Dec. 6, 2019 6:30p
P/E Ratio
10.93
Dividend Yield
3.94%
Market Cap
$5.83 billion
Rev. per Employee
$214,324
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