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S&P cuts Kohl's to BB
S&P said it lowered its ratings on Kohl’s Corp. by one notch, including the issuer credit rating on the company to BB from BB+.
The outlook is negative.
Kohl's recently reported earnings for fiscal 2022, which came in below S&P’s expectations with lower margins due to heightened clearance activity and muted demand.
“We now project S&P Global Ratings-adjusted leverage will remain above our previous 3x downgrade threshold in 2023 and 2024,” S&P said in a news release.
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