By  on April 8, 2010

Retail stocks and equity markets in general declined Wednesday as consumers used less credit and Federal Reserve chairman Ben Bernanke said the economy was not “out of the woods.”

Standard & Poor’s raised its corporate credit rating on J.C. Penney Co. Inc. to “BB-plus” from “BB,” and predicted the company’s performance would “improve modestly over the near term and that credit metrics will benefit as it pays down its balance sheet.” The debt watchdog also put its “BB” rating on Macy’s Inc. on CreditWatch with positive implications, reflecting stronger sales trends and debt repayments.

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