J. C. Penney: Fallen Angel or Just Fallen? Market Vectors’ Fran Rodilosso Weighs In

NEW YORK--(BUSINESS WIRE)--Though retailer J. C. Penney (JCP) has undergone multiple management changes and significant volatility in the price of its equity and debt over the last few years, the company nonetheless retains some of the qualities of the classic “fallen angel,” according to Fran Rodilosso, fixed income portfolio manager at Market Vectors ETFs. Fallen angels are generally large, well known corporations that were investment grade at the time they issued debt, but were subsequently downgraded to “junk” status.