Paramount’s Junk-Status Credit Rating to Be Downgraded Further Following Warner Bros. Merger to Reflect ‘Major Ongoing Uncertainties,’ S&P Global Says

May 20, 2026 10:40am PT Paramount’s Junk-Status Credit Rating to Be Downgraded Further Following Warner Bros. Merger to Reflect ‘Major Ongoing Uncertainties,’ S&P Global Says

By Todd Spangler

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Todd Spangler

NY Digital Editor

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S&P Global Ratings already has placed Paramount Skydance‘s credit rating in junk-status territory — indicating that the media conglomerate’s debt securities are considered speculative-grade. But if and when Paramount completes its megadeal for Warner Bros. Discovery, the credit-rating firm will take it down another notch.

Currently S&P Global has a “BB+” issuer credit rating on Paramount. On Wednesday, the firm said it will “lower the issuer credit rating on PSKY to ‘BB’ when its acquisition of WBD closes, assuming no material changes to the structure or terms of the transaction due to regulatory considerations, our view of the media ecosystem, or the company’s competitive position due to geopolitical factors or secular pressures.”

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