At least 15 companies received downgrades or revisions on high yield bond ratings during the week of October 12 – October 16, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to all of the companies. The Consumer Discretionary sector saw the majority of downgrades during this week.
Here is a snapshot of some downgrades throughout the week:
EPR Properties, a U.S. real estate investment trust, received a lower issuer credit rating due to weak tenant capacity and lack of rent collections. The credit rating was lowered from BBB- to BB+.
The company’s senior secured notes and credit facilities were also lowered to BB+. Additionally, its preferred stock was lowered to B+ from BB.
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