J.C. Penney Credit Ratings Reduced

J.C. Penney Co. had credit ratings on about $5.4 billion in debt reduced to below investment grade by Standard & Poor’s, which said a turnaround will take longer than forecast.

The retailer’s ratings were dropped one level to BB-plus from BBB-minus, S&P; said. J.C. Penney has about $5.2 billion in debt, while its Eckerd drugstore chain has about $200 million in receivables not counted on the balance sheet.

Shares of J.C. Penney, based in Plano, Texas, fell 59 cents to $16.61 on the NYSE.