{"id":222476,"date":"2021-04-09T03:10:00","date_gmt":"2021-04-09T00:10:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/travel-and-leisure-top-list-of-corporate-credit-ratings-in-flux-during-pandemic\/"},"modified":"2021-04-09T03:10:00","modified_gmt":"2021-04-09T00:10:00","slug":"travel-and-leisure-top-list-of-corporate-credit-ratings-in-flux-during-pandemic","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/travel-and-leisure-top-list-of-corporate-credit-ratings-in-flux-during-pandemic\/","title":{"rendered":"#\n  Travel and leisure top list of corporate credit ratings in  flux during pandemic"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a242e79e821e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a242e79e821e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/travel-and-leisure-top-list-of-corporate-credit-ratings-in-flux-during-pandemic\/#Rising_stars_fallen_angels_in_focus\" >Rising stars, fallen angels in focus<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/travel-and-leisure-top-list-of-corporate-credit-ratings-in-flux-during-pandemic\/#Fallen_angels_rising_stars\" >Fallen angels, rising stars<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/travel-and-leisure-top-list-of-corporate-credit-ratings-in-flux-during-pandemic\/#Joy_Wiltermuth\" >Joy Wiltermuth<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">Travel<\/a> and leisure top list of corporate credit ratings in  flux during pandemic<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Rising_stars_fallen_angels_in_focus\"><\/span>\n  Rising stars, fallen angels in focus<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div class=\"cx--next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000225714\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       The COVID-19 pandemic has not only been disrupting lives and businesses around the world for more than a year, but also the credit ratings of big corporations.<\/p>\n<p> Corporate credit ratings serve as a key measure of creditworthiness, but also can determine borrowing costs. They range from AAA for top-notch companies like <strong>Johnson &amp; Johnson<\/strong><br \/>\n        JNJ,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201724570\/composite\" class=\"negative\">-0.39%<\/bg-quote><br \/>\n       and <strong>Microsoft Corp<\/strong>.<br \/>\n        MSFT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207732364\/composite\" class=\"positive\">+1.34%<\/bg-quote><br \/>\n       to D for defaulted businesses.<\/p>\n<div class=\"paywall\">\n       Increasingly, credit ratings also can signal a potential path to recovery for industries hard-hit by the prolonged public-health crisis.<\/p>\n<p>Take travel and leisure, a sector that saw half of all investment-grade companies globally drop to high-yield, or \u201cjunk,\u201d status during the pandemic, according to a new report from Credit Benchmark.<\/p>\n<p>Even as parts of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-31\/france-heads-into-four-week-lockdown-as-virus-spirals-in-europe\" class=\"icon none\">Europe remain in a lockdown<\/a> to contain the coronavirus, travel and leisure has experienced the highest share of \u201cfallen angels\u201d (at 11.1%) returning to investment-grade status during the crisis, (see chart below).<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:82.03124999999999%;\" data-mobile-ratio=\"82.03124999999999%\" data-layout-ratio=\"82.03124999999999%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-322668?width=140&amp;size=1.2190476190476192 140w,\nhttps:\/\/images.mktw.net\/im-322668?width=540&amp;size=1.2190476190476192 540w,\nhttps:\/\/images.mktw.net\/im-322668?width=620&amp;size=1.2190476190476192 620w,\nhttps:\/\/images.mktw.net\/im-322668?width=700&amp;size=1.2190476190476192 700w,\nhttps:\/\/images.mktw.net\/im-322668?width=860&amp;size=1.2190476190476192 860w,\nhttps:\/\/images.mktw.net\/im-322668?width=1260&amp;size=1.2190476190476192 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-322668?width=620&amp;size=1.2190476190476192\" data-enlarge=\"https:\/\/images.mktw.net\/im-322668?width=1260&amp;size=1.2190476190476192\" alt=\"\" title=\"Fallen angels, rising stars\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"Fallen_angels_rising_stars\"><\/span>Fallen angels, rising stars<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            Credit Benchmark<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       The report identified 1,051 fallen angels out of 6,895 companies it sampled globally, or about 15% of the total. It found that about 5% migrated back to investment-grade.<\/p>\n<p>Retailers, oil and gas, and the automobile and parts sectors also were volatile on the credit-ratings front in the past year, according to the report, with migrations between the two major brackets now a key focus for investors.<\/p>\n<p><strong>Read<\/strong>: The next rising stars of the debt world? Probably corporate fallen angels<\/p>\n<p>Upgrades and downgrades can make a big difference for a company in terms of its borrowing costs. The average yield on bonds issued by U.S. investment-grade companies now <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fred.stlouisfed.org\/series\/BAMLC0A0CMEY\" class=\"icon none\">sits in the 2.21% range<\/a>, whereas it\u2019s nearly double for those in speculative-grade territory at<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fred.stlouisfed.org\/series\/BAMLH0A0HYM2EY\" class=\"icon none\"> about 4.21%<\/a>.<\/p>\n<p>Those rates matter, particularly in the past year as cruise companies, including <strong>Carnival Corp <\/strong><br \/>\n        CCL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202325446\/composite\" class=\"negative\">-1.52%<\/bg-quote><span>,<\/span><br \/>\n      \u00a0<strong>Royal Caribbean Group\u00a0<\/strong><br \/>\n        RCL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208854639\/composite\" class=\"negative\">-1.37%<\/bg-quote><br \/>\n       and <strong>Norwegian Cruise Line Holdings Ltd\u00a0<\/strong><br \/>\n        NCLH,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204183397\/composite\" class=\"negative\">-2.20%<\/bg-quote><span>,<\/span><br \/>\n       have borrowed billions as their ships largely have been idle.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p><strong>See<\/strong>: White House pushes back on cruise industry\u2019s efforts to restart in July, as Florida sues Biden administration<\/p>\n<p>But along with other \u201crecovery\u201d trades, shares of Carnival were up 31.9% year to date Thursday, while those of Royal Caribbean and Norwegian were up about 20%, according to FactSet data. <\/p>\n<p>That compares with the Dow Jones Industrial Average\u2019s<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+0.17%<\/bg-quote><br \/>\n       gain of 9.5% for the same period, while the S&amp;P 500 index<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.42%<\/bg-quote><br \/>\n       has advanced 9.1%.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Joy Wiltermuth\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Joy_Wiltermuth\"><\/span>Joy Wiltermuth<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D371B2B9D2B5%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Travel and leisure top list of corporate credit ratings in flux during pandemic &#8221; Rising stars, fallen angels in focus The COVID-19 pandemic has not only been disrupting lives and businesses around the world for more than a year, but also the credit ratings of big corporations. Corporate credit ratings serve as a key&#8230;<\/p>\n","protected":false},"author":1,"featured_media":222477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-222476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/222476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=222476"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/222476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/222477"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=222476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=222476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=222476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}