S&P Slashes JC Penney's Credit Rating To CCC+

In the wake of JC Penney's horrific earnings announcement, S&P has downgraded the department store chain's credit rating to CCC+ from B-.

S&P's outlook is negative.

All of this means that JC Penney could find it more difficult to raise or refinance its debt.

Yesterday after the closing bell, the company reported a quarterly net loss, which was much wider than what most analysts had expected.