Fitch cuts the rating on J.C. Penney's (JCP -1.4%) credit to BB- from BB+ to reflect its view...

|About: J.C. Penney Company Inc. (JCP)|By:, SA News Editor

Fitch cuts the rating on J.C. Penney's (JCP -1.4%) credit to BB- from BB+ to reflect its view that top-line revenue will be "materially negative" right through the back-to-school and holiday seasons. It doesn't appear the ratings agency is a Ron Johnson-fanboy: "The recent revisions around the promotional stance and messaging could further exacerbate traffic trends."