Nordstrom Default Rating downgraded to junk by Fitch

Fitch Ratings downgraded Nordstrom’s Long-Term Issuer Default Rating to ‘BB+’ from ‘BBB-‘. The rating outlook is Stable. The downgrade reflects Nordstrom’s "weakening operating trajectory resulting from heightened macroeconomic and competitive pressure and an elongated recovery at Nordstrom’s Rack brand, which could suggest longer-term challenges," the rating agency said in a statement.