At least 24 companies received downgrades or revisions on high yield bond ratings during the week of September 28 – October 2, 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:
Six Flags Theme Parks Inc. is experiencing a slow return in attendance due to COVID-19 travel restrictions.
S&P lowered the company’s issuer credit rating from B+ to B- and expects it to operate with cash through 2021. Six Flags’ senior secured notes and senior secured credit facility were also downgraded from B to BB-.
Weak attendance levels are expected to linger unt…