Fitch downgrades Disney

Fitch Ratings said it downgraded the long-term issuer default rating and senior unsecured ratings assigned to the Walt Disney Co. and its subsidiaries to A- from A.

“Fitch's rating action incorporates our expectation that the coronavirus pandemic will materially weaken Disney's operating and credit profile through the remainder of the company's fiscal year 2020 and into its fiscal year 2021, with shortfalls driven primarily by the parks, experiences and products segment,” Fitch said in a press release.

The outlook remains negative.

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