The Downgrade Massacre Has Started

March 27, 2020

Just astounding. So many downgrades in just of a couple of days. And zero upgrades. Here’s who got hit…..

S&P’s one day’s worth of downgrades

Below are the 27 companies S&P downgraded today; and it upgraded zero. This list includes some big names, such as retailers Ross Stores, Burlington Stores, Bed & Bath, TJX, and L Brands (again, my cheat sheet for bond credit ratings by Moody’s, S&P, and Fitch):

Noble Energy: Lowered to ‘BBB-‘; Outlook Negative

DuPont de Nemours: Downgraded To ‘BBB+’ On Weaker Macroeconomic Conditions; On Watch Negative; Debt Ratings Lowered

PS Holdco: Lowered To ‘B’ From ‘B+’ On Weaker-Than-Expected Credit Metrics; Outlook Negative

Centennial Resource Development: Slashed three notches to ‘CCC+’ From ‘B+’ On Sharp Drop In Commodity Prices; Outlook Negative

Logix Intermediate Holding Corp.: Downgraded To ‘CCC’ On Economic Impact of The Coronavirus; Outlook Negative

Alliance Resource Partners: Downgraded To ‘BB-‘; Outlook Stable

Glass Mountain Pipeline: Lowered To ‘B-‘ On Expected Higher Leverage; Outlook Negative

L Brands (Victoria’s Secret, Bath & Body, etc.): Lowered To ‘B+’ On Expectation For Weak Demand Amid COVID-19; Outlook Negative

Continental Resources: Lowered To ‘BB+’ From ‘BBB-‘ On Weaker Credit Measures, Refinancing Risk; Outlook Negative

Covanta Holding Corp.: Downgraded To ‘B+’, Outlook Stable; Debt Ratings Lowered

BDF Acquisition Corp: Downgraded To ‘CCC+’ From ‘B’ On Expected Weak Performance, Liquidity Pressure; Outlook Negative

Matador Resources: Downgraded To ‘B-‘ On Weaker Credit Metrics, Tighter Liquidity; Outlook Negative

National Amusements: Downgraded To ‘B-‘ From ‘B+’ On Reduced Liquidity, Ratings Remain On CreditWatch Negative

International Car Wash Group: Lowered To ‘B-‘ On Impact Of COVID-19 On Traffic Levels; Outlook Stable

Antero Resources: Downgraded To ‘B-‘ On Difficult Market Conditions; Outlook Negative

Bed Bath & Beyond: Lowered To ‘B+’ On Operational Headwinds Exacerbated By Coronavirus; Outlook Negative

Winnebago Industries: Lowered To ‘B+’ On Anticipated COVID-19 Impact; Outlook Negative

Cirque Du Soleil Group: Lowered To ‘CCC-‘ On Significant Liquidity Pressure; Outlook Negative

HighPoint Resources: Downgraded To ‘CCC+’ On Liquidity Risks; Outlook Negative

The NORDAM Group: Downgraded To ‘B’ On Possible Coronavirus Ramifications; Outlook Stable

Specialty Building Products Holdings: Downgraded To ‘B-‘ On Impact From COVID-19 And Recessionary Pressures

Ross Stores: Downgraded To ‘BBB+’ On Performance Challenges Stemming From The Coronavirus Pandemic, Outlook Negative

Burlington Stores: Downgraded To ‘BB’ On Operational Pressures Amid Coronavirus Outbreak; Outlook Negative

TJX: Downgraded To ‘A’ On COVID-19 Related Operating Disruption, Weakened Credit Metrics; Outlook Negative

Thor Industries: Lowered To ‘BB-’ On Anticipated COVID-19 Impact; Outlook Negative

Dayco: Downgraded To ‘CCC+’ Due To The Effects Of The Coronavirus Pandemic, Outlook Negative

National Fuel Gas Co.: Downgraded To ‘BBB-‘ As Lower Price Assumptions Weaken Credit Metrics; Outlook Negative

Just one day’s work: 27 downgrades, zero upgrades.