S&P Downgrades Canopy Growth on Exchange Offer For Notes 2022-07-07 11:49:01 AM ET (MT Newswires)
11:49 AM EDT, 07/07/2022 (MT Newswires) -- S&P Global Ratings on Wednesday downgraded its long-term issuer credit rating on Canopy Growth Corp. (WEED.TO) to SD from CCC.
The downgrade reflects the rating agency's view that the offer to exchange the existing convertible senior unsecured notes for common equity would constitute a distressed exchange.
At the same time, S&P affirmed its CCC+ issue-level rating on the company's senior secured term loan.