S&P, Moody’s Downgrade Turkey
Turkey's economy is being hurt by a 40% drop in its currency, the lira, and skyrocketing inflation.
S&P Warns of Negative Impact From GE Spinoff
The rating agency puts GE on watch for a possible downgrade, saying the healthcare spinoff could result in “more volatile profitability and cash flow.”
Internet Sales Tax Ruling Seen Boosting States
The Supreme Court decision “should provide a welcome incremental addition to state coffers" over the long term, S&P says.
Starbucks’ Credit Downgraded Over ‘Rapid Shift in Financial Policy’
S&P lowered the coffee retailer's corporate rating due to higher expected leverage from a plan to return $25 billion to shareholders by 2020.
S&P Downgrades Eastman Kodak to ‘CCC’
S&P says there is a material risk Eastman Kodak will be unable to refinance a $395 million outstanding term loan.
Moody’s Cuts Tesla Rating on Model 3 Woes
The downgrade to a B2 rating reflects "the significant shortfall in the production rate" of the Model 3 vehicle and liquidity pressures, Moody's says.
Wells Fargo’s Credit Rating Takes a Hit
S&P downgrades the bank, citing "the complexities of improving compliance and operational risk controls throughout its very large organization."
S&P Lowers Revlon Credit Rating to ‘CCC+’
"We believe Revlon will face difficulties to meaningfully improve its credit metrics during fiscal 2018," the rating agency says.
S&P Downgrades Guitar Center Rating to CCC-
The rating agency says Guitar Center bondholders could receive less than par in a restructuring, which would amount to a "selective default."
S&P Downgrades China on ‘De-Risking’ Doubts
The rating agency is concerned that China is not doing enough to "deleverage" its economy after years of credit-fueled stimulus.
Toys R Us Downgraded as Refinancing Looms
S&P cites the possibility that Toys may address maturing bonds at less than par or engage in a broader restructuring.