NEW YORK, NY--Standard & Poor's Ratings Services said today it affirmed its 'A-' long-term and 'A-2' short-term corporate credit ratings on Seattle-based department store operator Nordstrom Inc. (Chicago store in top right photo) The outlook remains negative."The negative outlook recognizes that Nordstrom's profitability will decline significantly in the second half of 2008," said Standard & Poor's credit analyst Diane Shand.
The weak U.S. economy will impede management's ability to substantially improve the business for at least the next 12 months. "We expect credit metrics in 2009 to be similar to our 2008 forecast," added Ms. Shand.
Media Contact:
David Wargin, New York (1) 212.438.1579, david_wargin@standardandpoors.com
Analyst Contacts:
Diane Shand, New York (1) 212.438.7860
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