S&P Global Cuts Paramount Credit Rating Into Junk Territory
By Will Feuer
S&P Global cut its credit rating on Paramount Global to BB-plus from BBB-minus Wednesday, or what is considered junk territory, citing continuing cord cutting and elevated investments required to support the buildout of streaming services.
"Paramount will need to execute its plan to substantially improve streaming losses over the next two years to mitigate further downside ratings pressure," S&P said, adding that Paramount's credit metrics are weak even for the BB-plus rating.
Fitch earlier this month cut its rating on Paramount to BBB-minus from BBB, while Moody's last year cut its rating on Paramount's senior debt to just above junk status.
Write to Will Feuer at will.feuer@wsj.com
(END) Dow Jones Newswires
March 27, 2024 15:00 ET (19:00 GMT)
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