Neiman Marcus Group Credit Ratings Downgraded

New York City Standard & Poor's Ratings Services said it lowered its ratings on The Neiman Marcus Group Inc., including the corporate-credit rating to 'B+' from 'BB-'. The outlook is negative.

"The rating change reflects our belief that the company will be more challenged than previously expected by the current weak economic environment in the United States and the turmoil in the financial markets," said Standard & Poor's credit analyst Diane Shand.

In addition, credit measures will likely deteriorate more than originally projected as a result of a deepening spending pullback by consumers, according to Standard & Poor's Ratings Services.