Credit issuers lowered various ratings of eight companies that either filed for Chapter 11 Bankruptcy protection or defaulted on loans during the week of May 18 – May 22, 2020. Most are companies within the Consumer Discretionary sector.
Sources: S&P, Moody’s
Gavilan Resources, LLC filed for bankruptcy under Chapter 11 on May 16, causing Moody’s to issue the company a D rating.
S&P issued a D rating to J.C. Penny, the discount department giant, after the company announced that it has commenced voluntary prearranged Chapter 11 proceedings.
S&P issued two Selective Defaults to companies in the Consumer Discretionary sectors. Downstream Development Authority entered into a waiver agreement with its term loan lenders. The agreement states …