At least 23 companies received downgrades or revisions on high yield bond ratings during the week of July 27 – July 31, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook. The Consumer Discretionary sector saw the majority of downgrades during this week.
Here is a snapshot of some of the downgrades throughout the week:
Party City Holdings, an Elmsford, N.Y. party goods retailer, was downgraded to SD (selective default) from CC after agreeing to pay 33.5% of its unsecured debt to lenders.
S&P lowered the company’s senior secured loan rating to CCC from B-. The outlook is negative.
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