Dillard's Inc defended its "conservative financial posture” on Friday as Fitch Ratings downgraded the retailer’s debt and activist shareholders continued to loom in the background.
The credit watchdog reduced Dillard’s issuer default rating to “B” from “BB” and kept its outlook at negative. Investors didn’t seem too troubled by the downgrade, however, pushing the firm’s stock up 15.1 percent to close at $5.33. The weakening consumer economy and credit squeeze are working against Dillard’s as well as many other chains.
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