Fitch Downgrades J.C. Penney's IDR to 'CCC'

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) on J.C. Penney Co., Inc. and J.C. Penney Corporation, Inc. to 'CCC' from 'B-'. A full list of rating actions follows at the end of this press release. KEY RATING DRIVERS Higher than expected cash burn in 2013: The rating downgrades reflect higher than expected cash burn in 2013 and Fitch's concern that the ...