Companies teeter on the edge as rating loss cuts central bank support

By Owen Sanderson
27 Mar 2020

Rating agencies are starting to feed through the impact of coronavirus into their ratings, starting a wave of downgrades which could push several large issuers out of investment grade territory, where they are eligible for central bank backing, into high yield, where no such support exists.

Ford lost a second IG rating on Wednesday, with S&P following Moody’s move last September. But Ford was seen as a potential downgrade risk for much of last year and earlier — part of broader concerns that US companies in particular had concentrated in the BBB ...

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