S&P lifts Macy's

Standard & Poor's said it raised its corporate credit rating on Macy's Inc. to BB+ from BB.

The agency said it removed the ratings from Creditwatch with positive implications, where they were placed on April 7.

At the same time, the agency said it raised the issue-level rating on the company's unsecured debt to BB+ from BB and maintained the 4 recovery rating.

"The upgrade reflects Macy's above-average performance in the past two quarters, expectations for continued positive operational trends, and the substantial debt repayment of about $1.5 billion over the past 15 months," said S&P credit analyst David Kuntz.

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