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Fitch gives Macy’s notes BB
Fitch Ratings said it gave Macy’s Retail Holdings LLC’s upcoming sale of $500 million of eight-year senior unsecured notes BB/RR4 ratings.
The agency also affirmed the long-term issuer default ratings for Macy’s Inc., Macy’s Retail Holdings and Macy’s Inventory Funding LLC at BB. Fitch also affirmed the debt ratings under Macy’s, Macy’s Retail, and Macy’s Inventory.
Proceeds will be used to tender an equivalent amount of senior unsecured notes due 2022 to 2025, which will extend the company’s debt maturity profile and lower near-term maturities.
The outlook is negative.
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