Moody’s readying for global downgrade of firms hit by virus, oil price drop
Credit rating agency Moody’s is carrying out a global review of its corporate ratings in light of the coronavirus and oil price slump, with a first mass wave of downgrades or downgrade warnings likely in the coming days.
The firm has already begun the process in a number of the hardest hit sectors such as airlines, cruise and oil firms, but the moves are about to ratchet up, two of the firm’s top analysts told Reuters.
“We are undertaking a global review of ratings that are impacted by the virus,” Managing Director of Global Strategy & Research Anne Van Praagh and Christina Padgett, Associate Managing Director of Corporate Finance Research, said in an interview.
