S&P Global Ratings has cut its debt rating on the Walt Disney Co. amid the financial challenges of the coronavirus pandemic, which means its theme parks and film units "continue to be severely affected." "We forecast that Disney's operating performance at its two hardest-hit segments (theme parks and movie studios) will not begin to normalize (return to 2019 levels) until fiscal [year] 2022, ending Sept.
30," S&P analystsNaveen Sarma andJawad Hussain wrote in their Wednesday report. "We no longer believe Disney can reduce leverage [as much as expected] by the end of fiscal 2022.
Our original operating assumptions ... assumed an economic recovery from the pandemic in the latter half of 2020, with a return to more normalized operating.
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