S&P trims Hudson's Bay

S&P said it lowered its long-term corporate credit rating on Hudson's Bay Co. to B from B+. The outlook is stable.

At the same time, S&P lowered its issue-level rating the company’s term loan B to BB- from BB. The 1 recovery rating on the debt is unchanged, indicating very high (90%-100%; rounded estimate 95) recovery in default.

“We base the downgrade on HBC's weak operating performance in fiscal 2016, ended Jan 28, 2017, and our expectation that operating results will remain weak through 2017,” said S&P credit analyst Aniki Saha-Yannopoulos in a news release.

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