At least 20 companies received downgrades or revisions on high yield bond ratings during the week of August 24 – August 28, 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:
S&P has affirmed the B issuer credit rating for Athletico Management, LLC, a physical therapy services group. S&P removed the company from CreditWatch. But it is expected to continue to maintain high leverage over the next 12 months.
The global pandemic has resulted in incremental operating costs and capital spending for the company.
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