Credit downgrades on retail companies have accelerated this week as the industry weathers unprecedented store closures and a precarious economy caused by the spread of COVID-19.
In the course of one day on Thursday, S&P Global downgraded four retail companies: Michaels (to a B rating), At Home Group (to CCC+), The Container Store (to B-) and Spectrum Brands (to B), according to emailed press releases. The pandemic was mentioned in all four press releases.. . . more