At least seven companies received downgrades or revisions on high yield bond ratings during the week of November 30 – December 4, 2020. These downgrades caused S&P Global Ratings to issue a negative or watch negative outlook to all of the companies. The Consumer Discretionary, Energy and Materials sectors all had the same number of downgrades during this week.
Here is a snapshot of some downgrades throughout the week:
Kaiser Aluminum Corp., a specialty aluminum products producer based in Foothill Ranch, CA, finalized its purchase of Warrick Rolling Mill using cash on hand. The cash on hand materialized from the senior notes' profits it issued earlier this year.
S&P placed all ratings on CreditWatch due to the higher leverage expected to o...