At least 19 companies received downgrades or revisions on high yield bond ratings during the week of November 2 – November 6, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to all of the companies. The Energy sector saw the majority of downgrades during this week.
Here is a snapshot of some downgrades throughout the week:
Dave & Buster’s Inc., the Dallas-based dining and entertainment venue, received $550 million in new senior secured notes. The company will be using the new leverage to refinance its term loan and repay revolving accounts.
Considering the global pandemic’s burden on the restaurant and entertainment industries, S&P assigned a B- rating and issued a negative outlook.