At least 19 companies received revisions on high yield bond ratings during the week of February 1 – February 5, 2021. These revisions caused S&P Global Ratings to issue a negative, watch negative, or stable outlooks to all of the companies. Only one received a watch positive outlook.
The Consumer Discretionary sector saw the most activity during this week, with the Materials sector close behind.
Here is a snapshot of some revisions throughout the week:
Belk Inc., a department store operator based in Charlotte, N.C., received a ratings downgrade due to multiple missed debt payments. The retailer’s issuer credit rating was lowered from CC to D.
S&P expects the company to miss all of its debt payments before entering into its previously …