Fitch downgrades Sears' credit rating

Fitch Ratings downgraded its credit rating on Sears, citing its declining profits and no clear turnaround plan.

On Wednesday, the credit ratings agendy dropped its Sears' rating two nothes to "CC" from "CCC," placing the retailer's credit rating deeper into junk status, according to the Associated Press.

The company, which operates Sears and Kmart stores, reported a wider loss in its second quarter compared with a year ago. Sears said it planned to do more cost cutting and close more stores than it previously announced to turn the company around.

Read more from the Associated Press.