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Nordstrom, Inc. -- Moody's downgrades Nordstrom's senior unsecured rating to Baa3; assigns a Baa2 to its senior secured notes offering

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Moody's Investors Service, ("Moody's") today downgraded Nordstrom, Inc.'s ("Nordstrom") senior unsecured rating to Baa3 from Baa2, Commercial Paper rating to Prime-3 from Prime 2, and its senior unsecured shelf rating to (P)Baa3 from (P)Baa2. A Baa2 rating was assigned to its proposed offering of senior secured notes. "Although Nordstrom is taking decisive measures to enhance its liquidity profile in the face of the disruption related to the coronavirus pandemic, the additional leverage and pledging certain personal property to the revolver and certain real estate to the proposed notes reduces its financial flexiblity," said Vice President, Christina Boni.