Disney Downgraded on Severe COVID-19 Hit to Park, Studio Operations

S&P Global Ratings downgraded Disney to BBB+ from A- because its theme park and studio operations “continue to be severely affected" by COVID-19. Consumers “will likely remain reluctant to immediately return to public venues” even after a vaccine is widely available, S&P said Wednesday: The company is aggressively rolling out its global direct-to-consumer streaming platforms and investing in new content, “which will depress operating and cash flow measures for the next few years.” Disney didn’t comment.