At least seven companies received high yield bond ratings downgrades or revisions during the week of July 13 – July 17, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook for four of the companies. The Consumer Discretionary sector saw the majority of downgrades during this week.
Sources: S&P, The Buttonwood Tree
Life Time Inc has been issued a negative outlook due to its lack of cash flow amid the nationwide mandated pandemic health and fitness facility closures. In order to sustain operations through 2021, the company secured a 364-day $101.5 million loan from its owners. Ratings have stabilized at CCC+.
Fitness International LLC, also known as “LA Fitness”, also received a negative outlook due to s…