At least 13 companies received downgrades or revisions on high yield bond ratings during the week of October 5 – October 9, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to the companies. Energy surpassed Consumer Discretionary and Industrials with the majority of downgrades during this week.
Here is a snapshot of some downgrades throughout the week:
Electro Rent Corporation, a testing and measurement rental provider, received downgrades. S&P lowered the company’s issuer credit rating and first lien debt ratings from B to B-. Its second-lien debt was also lowered from B- to CCC+.
The company did not generate any cash flow through the second quarter of 2020. It also faces debt maturity in Jan…