At least 23 companies received downgrades or revisions on high yield bond ratings during the week of November 23 – November 27, 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:
Urban One, Inc., a U.S. content distributor representing Black America, received affirmation of its CCC issuer credit rating and was removed from Credit Watch. The company exchanged its senior secured notes and is expected to receive about $3 million cash from the remaining notes.
S&P believes the company now has enough liquidity to cover expenses through 2021. A negativ…