Moody's cuts its long-term ratings on J.C. Penney (JCP +3%) to B3 with a negative outlook. The...

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

Moody's cuts its long-term ratings on J.C. Penney (JCP +3%) to B3 with a negative outlook. The ratings agency says it forecasts the retailer's Q4 margins will fall sharply as slow sales incur the need to clear inventory at lower prices.