At least 11 companies received downgrades or revisions on high yield bond ratings during the week of September 14 – September 18, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to the companies. Energy 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:
Tiffany & Co., a U.S.-based luxury jeweler, received an affirmed BBB+ issuer credit rating and was removed from CreditWatch. LVMH backed out of its plans to purchase Tiffany & Co considering recent events involving the COVD-19 pandemic and new global tariffs.
S&P views the company’s credits to be in limbo over the next 12-18 mont…