At least 18 companies received downgrades or revisions on high yield bond ratings during the week of August 31 – September 04, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to the companies. The Consumer Discretionary sector saw the majority of downgrades during this week.
Here is a snapshot of some of the downgrades throughout the week:
Royal Caribbean Cruises Ltd., a cruise line founded in Norway in 1968, received a ratings downgrade to B+ from BB. The company is facing high leverage through 2021 due to the suspension of its operations amid pandemic restrictions.
S&P is also lowering the company’s rating on its unsecured notes to BB-. A forecasted negative outlook was posted through 2021 d…