New High Yield Bond Ratings October 26 – October 30, 2020

At least 24 companies received downgrades or revisions on high yield bond ratings during the week of October 26 – October 30, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to all of the companies. The Energy sector saw the majority of downgrades during this week.

Source: S&P

Here is a snapshot of some downgrades throughout the week:

October 27

Immunomedics Inc. bought Gilead Sciences Inc., a U.S. pharmaceutical maker, for $21 billion. Considering the cash and debt the acquisition, S&P believes the Gilead's leverage advances to roughly 2.5x.

The company's rating was downgraded to BBB+ and removed from CreditWatch, but not without negative implications.

The company also has elevated pressure to generate new reve...

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