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S&P cuts Hudson's Bay view to negative
S&P said it revised its outlook on Hudson's Bay Co. to negative from stable and affirmed its B long-term corporate credit rating on the company.
In addition, S&P said it affirmed its BB- issue-level rating, with a 1 recovery rating, on the company’s term loan B. A 1 recovery rating indicates an expectation of very high (90%-100%: rounded estimate 95%) recovery in default.
“Our negative outlook on HBC reflects the company's declining EBITDA, negative free cash flow, and weaker EBITDA-to-interest coverage, indicating the secular decline department store operators are facing,” S&P said in a news release.
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