At least nine companies received downgrades or revisions on high yield bond ratings during the week of September 21 – September 25, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to the companies. Consumer Discretionary saw the majority of downgrades during this week.
Here is a snapshot of some downgrades throughout the week:
The Pasha Group, a global logistics and transportation company located in San Rafael, CA, is encountering debt pressure stemming from construction loans needed to build two new cargo vessels.
COVID-19 has affected the company’s operational performance to and from Hawaii. Leverage is expected to rise above 8x over the next 12 months.
S&P lowered the company’s issue…