Affirming its CCC+ rating on J.C. Penney (JCP), S&P lifts its outlook on the company from negative to stable. "The outlook revision reflects our view that performance has begun to stabilize ... However, in our view, the capital structure is unsustainable, but the company does not have any meaningful maturities over the next 12 months."
The stable outlook reflects S&P's view that liquidity will be "adequate" over the next year and sources of cash will exceed use by at least 1.2x.