Fitch affirms Dillard’s

Fitch Ratings said it affirmed Dillard's, Inc.’s long-term issuer default rating at BBB-.

The outlook is stable.

Fitch said the BBB- ratings reflect the company's below-industry-average sales productivity (as measured by sales per square foot), operating profitability and geographical concentration relative to its higher-rated department store peers.

While the agency expects EBITDA to be in the $450 million to $500 million range relative to an average $800 million in 2012-2014, the ratings consider Dillard's strong liquidity and reasonable credit metrics, with adjusted debt/EBITDAR at around mid-1 time.

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