$M Fitch Ratings on Tuesday said it has downgraded Macy's long-term issuer default ratings to 'BB' from 'BB+'. Fitch's outlook on the department store giant is negative. Assuming that U.S. discretionary retailers are closed through mid-May, Fitch expects their sales to be down 80%-90% despite some shift online, with slow improvement through the summer. "Given an increased likelihood of a consumer downturn, discretionary sales could decline in the mid-to-high single digits through the holiday season," per the release.