New High Yield Bond Ratings August 10

By moneymakersmentor Last updated Nov 4, 2020

At least 15 companies received downgrades or revisions on high yield bond ratings during the week of August 10 – August 14, 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:

August 10

Cinemark USA Inc. was downgraded to B+ due to the surge in coronavirus numbers. The surge led to a delay in theater re-openings.

S&P believes the company has enough liquidity to survive the decline in sales from the shutdowns. However, the company’s leverage is expected to remain high through 2021. Therefore, its long-term rating was revised from B+ to BB-.