May Department Stores Company (The) -- Moody's downgrades Macy's CFR to Ba3; assigns Ba1 to proposed senior secured notes
Moody's Investors Service, ("Moody's") downgraded Macy's, Inc.'s ("Macy's") corporate family rating to Ba3 from Ba1. At the same time its probability of default rating was downgraded to Ba3-PD from Ba1-PD. The senior unsecured ratings at Macy's Inc., Macy's Retail Holdings, Inc. and May Department Stores Company (The) were also downgraded to B1 from Ba1.