S&P rates Macy’s Retail notes B

S&P said it assigned its B issue-level rating and 5 recovery rating to Macy’s Retail Holdings LLC’s proposed $500 million senior unsecured notes due 2029. The 5 recovery rating indicates an expectation for modest (10%-30%; rounded estimate: 20%) recovery in default.

The company plans to use the proceeds to fund a tender for an equivalent amount of senior unsecured notes due 2022-2025.

“Our B+ issuer credit rating and negative outlook on Macy’s Inc. and Macy’s Retail Holdings LLC are unaffected by the transaction,” S&P said in a press release.

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