Amid the coronavirus-related slowdown, bonds at risk of downgrades include those tied to malls, hotels, airlines and local governments
By Cezary Podkul and Gunjan Banerji March 24, 2020 6:30 am ET Credit-ratings firms have issued a wave of downgrades for corporate and government bonds as they reassess the ability of borrowers to repay their obligations amid the coronavirus slowdown.
The downgrades themselves can add to the turmoil in bond markets, causing damage well beyond the change in ratings for the bonds being downgraded. Even in the face of such a severe stress, a triple-A grade should stay put since the rating is meant to indicate the debt is as riskless as a Treasury bond. But some triple-A bonds are already failing that test.
By its own tally, S&P has now made more than 100 downgrades linked to the coronavirus, including on airlines like JetBlue Airways Corp., Southwest Airlines Co. and Spirit Airlines Inc.
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