At least 20 companies received downgrades or revisions on high yield bond ratings during the week of December 7 – December 11, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to all of the companies.
The Consumer Discretionary and Energy sectors led with the same number of downgrades during this week.
Here is a snapshot of some downgrades throughout the week:
Shift4 Payments LLC, a payment processing company, received $600 million in senior unsecured notes, with plans to use the proceeds for corporate purposes and acquisitions.
S&P affirmed the company’s B issuer credit rating and posted a negative outlook reflecting the high leverage and unknown use of said proceeds.
Toll Road Investo…