Macy’s Pullback Imperils $30 Billion of Debt, Morningstar Says
Store closures by Macy’s Inc. could hurt more than the mall rats, according to Morningstar Credit Ratings.
$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