"The downgrade reflects our view of the company's weakened operating performance and competitive standing given the ongoing industry challenges, such as sustained low customer traffic, increased price transparency, and unrelenting competition from online, fast-fashion, and off-price retailers," S&P analyst Helena Song wrote.
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Macy's is spiraling (M)
Standard & Poor's has downgraded Macy's credit rating to one notch above "junk" status.
Other analysts including Cowen & Co.'s Oliver Chen have also questioned Macy's ability to restore sales growth.
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