Moody's Raises Macy's Rating

Moody's Investors Service boosted its ratings on Macy's M after the retailer reported strong first-quarter results. Moody's upgraded Macy's corporate family rating and probability of default ratings to Ba1 from Ba2, and its speculative grade liquidity ratings to SGL-1 from SGL-2 with a stable outlook. Macy's has a "solid position" within its sector and a national presence, Moody's noted, though it said the company's "sizable" debt and underfunded pension program are negatives, according to the Associated Press.