Moody’s Downgrades J.C. Penney’s Rating

Moody’s Investors Service sharply cut its credit rating on J.C. Penney Co. Inc. Tuesday.

The debt watchdog downgraded the retailer’s corporate family credit rating three notches to “B3” from “Ba3.” The new rating is described as “subject to high credit risk” under Moody’s scale. The outlook is negative.