At least 13 companies received downgrades or revisions on high yield bond ratings during the week of November 9 – November 13, 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:
American Axle & Manufacturing Inc. increased profits in the third quarter by revising its cost structure and focusing on the high demand for light-vehicles. S&P removed the company from CreditWatch and issued a positive outlook.
As long as the light-vehicle industry continues its rise in demand, S&P believes there is a one-third chance the company wi…