By  on July 11, 2012

J.C. Penney Co. Inc. continues to catch flack for the early financial impact of its reinvention.

Standard & Poor’s cut the retailer’s credit rating to “B-plus from “BB-minus.” A rating in the “B” category indicates that adverse business, economic or financial conditions would likely impair a company’s capacity or willingness to pay its debts. The outlook on the rating is negative.

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