Friday, August 19, 2016

Macy’s Pullback Imperils $30 Billion of Debt, Morningstar Says

Macy’s Hires Toys ‘R’ Us Executive Lennox as Marketing ChiefStore closures by Macy’s Inc. could hurt more than the mall rats, according to Morningstar Credit Ratings.

Almost $30 billion of bonds backed by commercial mortgages are exposed to the retailer, which last week announced plans to shutter 100 outlets, the rating company wrote in a note on Wednesday. More than $3.6 billion in loans would be affected by the closing of 28 stores that Morningstar identifies as most at risk, several of which support multiple asset-backed securities, the company said.. . . more

No comments: