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November 21, 2012

Moody's lowers J.C. Penney ratings

NEW YORK (AP) — Moody's Investors Service is cutting its long-term ratings for J.C. Penney Co. one step lower into non-investment of junk grade status.

Moody's lowered the department store chain's corporate family and probability of default ratings to “B3” from “Ba3.” The outlook is “negative.”

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