J.C. Penney Debt Cut To Junk By Moody’s

J.C. Penney Company, Inc. (NYSE:JCP) has had its debt cut by ratings agency Moody’s Corporation (NYSE:MCO) according to a statement from the ratings firm. The retailer’s debt is now rated Caa1, which qualifies as Junk under Moody’s ratings regime. The move was not an unexpected one as the problems at J.C. Penney have come to a head lately. In recent weeks, J.C. Penney Company Inc. (NYSE:JCP) has gone to some length to secured loans for itself to continue its day to day operations. The company managed to secure a loan from Goldman Sachs Group Inc. (NYSE:GS) yesterday that gives the firm access…