At least seven companies received downgrades or revisions on high yield bond ratings during the week of September 07 – September 11, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to the companies. Industrials edged out Consumer Discretionary as the sector with the majority of downgrades during this week.
Here is a snapshot of some downgrades throughout the week:
Mai Holdings, Inc., a St. Louis-based printing equipment provider, received a ratings downgrade to SD from CCC-. The company exchanged some of its senior secured notes for pro-rata shares. The senior secured notes were also lowered to D from CCC.
S&P believes this exchange is a equal to a default since investors are receiving less…