At least 11 companies received a revision on high yield bond ratings during the week of August 16-20, 2021. These revisions caused S&P Global Ratings and Moody’s Investor’s Service to issue stable outlooks to most of the companies. One company received a negative outlook, while another received a positive outlook.
The Consumer Discretionary sector saw the most activity during this week.
Here is a snapshot of some revisions throughout the week:
Gogo, Inc received an upgrade from a B- to a B rating after it outperformed S&P Global’s prior base-case expectation. The company exceeded expectations for revenue, EBITDA, and free cash flow due to increased demand for private jet usage. S&P believed this trend would continue, due to fears surrounding the COVID...