Moody's lowers Hudson's

Moody's Investors Service said it downgraded all ratings of Hudson's Bay Co., including the corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD and senior secured credit facility rating to B2 from B1.

The outlook is negative.

Hudson's Bay speculative grade liquidity rating also was affirmed at SGL-2.

The downgrades the continued secular shift in the United States of apparel demand to alternative channels, such as off-price and e-commerce, is increasing the risk profile of the department store space, Moody's said.

Changing U.S. consumer spending patterns is forcing operators to become more efficient and build the technological capabilities required to meet these demands, the agency said.

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