S&P acts on entertainment, consumer goods companies

S&P said it acted on the ratings of more than 20 entertainment and consumer goods companies citing the effect of the coronavirus and the likelihood of a recession this year.

S&P downgraded Mattel Inc. to B+ from BB- with an unchanged negative outlook and Fitness International LLC to B from B+ and placed the rating on CreditWatch with negative implications. The agency also downgraded CWGS Enterprises LLC to B- from B and placed the rating on negative watch. Other companies downgraded to B- from B were SP PF Buyer LLC, Kingpin Intermediate Holdings LLC, World Endurance Holdings Inc., Airxcel Inc., Life Time Inc., Bulldog Purchaser Inc.

The agency changed the outlooks for Kingpin, Tornante - MDP Joe Holding LLC and World Endurance to negative from stable,

S&P lowered Topgolf International Inc. and ClubCorp Holdings Inc. to CCC+ from B-. Topgolf’s outlook was changed to negative from stable and ClubCorp’s remained negative. United PF Holdings LLC and Excel Fitness Holdings Inc. were also downgraded to CCC+ with a negative outlook from B with a stable outlook.

The agency placed the following companies are negative watch: Brunswick Corp., Speedway Motorsports LLC, Nascar Holdings LLC, ASM Global Parent Inc., Recess Holdings Inc., PlayPower Holdings Inc. and Equinox Holdings Inc.

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