By  on May 1, 2013

Moody’s Investors Service hit J.C. Penney Co. Inc. with a credit downgrade after the company took on a new $1.75 billion loan.

The retailer’s long-term rating was cut to “Caa1” from “B3.” Ratings in the “Caa” scale are judged to be of “poor standing” by Moody’s. About $2.9 billion in debt was covered by the downgrade, and the outlook on the rating remains negative.

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