NEW YORK (AP) -- Standard & Poor's Ratings Services on Tuesday raised some of its ratings for Macy's Inc., given the department store operator's strong performance over the past year.
Last week, the company, which runs Macy's and Bloomingdale's stores, said a key revenue figure climbed 7.3 percent for March. That easily beat Wall Street's expectations.
In February, Macy's said its fourth-quarter net income rose 12 percent thanks to a strong holiday shopping season and hearty online sales.
On Tuesday S&P lifted Macy's corporate credit rating and its issue-level rating one notch to "BBB" from "BBB-." Both ratings are investment grade. S&P's outlook for the company is stable.
"The ratings on Macy's reflect robust performance that has been ahead of, not only our expectations, but also its peers' (performance)," S&P credit analyst David Kuntz said in a statement.
He said S&P expects those trends to continue over the next year or two.
Macy's, which has corporate offices in New York and Cincinnati, operates about 840 stores in 45 states, the District of Columbia, Guam and Puerto Rico.
Its stock slipped 98 cents, or 2.5 percent, to $39 by early afternoon. The shares have traded between $22.66 and $41.27 over the past year.