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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Nordstrom, Inc.Global Credit Research - 23 Feb 2022New York, February 23, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Nordstrom, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 14 February 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Nordstrom Inc.'s Ba1 corporate family rating is supported by solid its market positioning in both full price and off-price with leading digital capabilities in both segments. The company has made significant investments historically to provide superior service at all customer contacts points whether in-store, online or through mobile and continues to invest to provide integrated experiences. Over one-third of Nordstrom's sales are from its off-price segment which has historically fared better than full price in periods of weaker consumer demand, despite its weak performance during the pandemic. The rating is constrained by Nordstrom's focus on fashion apparel, the secular challenges that face the department store industry and Nordstrom's softer earnings recovery than its competitive peers. Ratings are also constrained by the company's concentration in California. The company must also manage its vendor partners globally and navigate the changing demographic, lifestyle and workplace trends which may ultimately impact purchasing patterns and weaken demand for its products.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Retail published in November 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Christina Boni Senior Vice President Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Margaret Taylor Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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