At least 12 companies received downgrades or revisions on high yield bond ratings during the week of October 19 – October 23, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to all of the companies. The Industrials sector saw the majority of downgrades during this week.
Here is a snapshot of some downgrades throughout the week:
Dave & Buster's Inc, the Dallas-based dining and entertainment venue, is refinancing $500 million in senior secured notes. S&P posted a B- rating for the company and issued a negative outlook.
S&P believes weak consumer efforts during COVID-19 will hurt the venue operator on a long-term basis.
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