The ratings agency cut KSS’ issuer credit rating and rating on its secured unsecured debt to BB from BB+, dipping deeper into junk territory, citing the retailer’s deteriorating results and continued macroeconomic pressures. Operating cash flow swung to a negative $639 million last year from positive $591 million in fiscal 2021. Operating margin shrunk to less than 2%, hurt by heavy markdowns to clear inventory, and leverage increased to 5.5x on S&P’s lease-adjusted basis. Results are expected to improve this year, helped ... Log in to view full article.