At least 20 companies received downgrades or revisions on high yield bond ratings during the week of November 16 – November 20, 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:
Live Nation Entertainment Inc. is experiencing higher than normal leverage levels due to the worldwide pandemic. The company’s leverage levels are expected to remain near 10x through 2021.
Live events are not expected to begin recovering pandemic losses until 2022. The losses are due to extensive social distancing measures depleting ticket sales all over the …