At least 13 companies received revisions on high yield bond ratings during the week of December 21 – December 25, 2020. These revisions caused S&P Global Ratings to issue a negative or watch negative outlook to most of the companies, while some received positive outlooks.
The Energy sector saw the most revisions during this week, with both Consumer Discretionary and Technology not far behind.
Here is a snapshot of some revisions throughout the week:
Paysafe Holdings (US) Corp. merged with Foley Trasimene Acquisition Corp and added a listing on the NYSE. The merger transaction was designed to reduce the company’s debt by $1.12 billion.
S&P believes the transaction will adjust the company’s debt to EBITDA to roughly 5.0x in 2021 from 9…