Fitch Upgrades J.C. Penney

New York City, Good news for J.C. Penney: Fitch Ratings raised its rating of Penney’s senior unsecured debt to “BBB-,” from “BB-plus.” The new rating is the lowest investment grade rank. “The upgrade also reflects the expectation that [J.C.] Penney will make continued progress with its turnaround over the medium term while further reducing debt levels,” Fitch said.