Coronavirus pushes number of S&P credit-downgrade warnings to all-time high GlobeBusiness
It tops 1,028 in the wake of the financial crisis in 2009 and comes despite nearly 700 downgrades already being impacted by COVID-19 in recent months.“Almost two-thirds of issuers face downgrade potential due to the unprecedented challenges posed by COVID-related containment measures,” S&P said in its analysis.
Hotels and entertainment firms have the highest percentage of CreditWatch negatives as a share of total potential downgrades, with 74% compared to 35% for other companies in media and entertainment, 49% in automotive, and 43% in transportation. The number of potential “fallen angels” – companies or countries whose ratings could get downgraded to so-called ‘junk’ from ‘investment grade’ is also now at a record high.
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