Fitch, Moody's Join S&P Global in Downgrading Warner Bros. Discovery

Credit rating firms Fitch and Moody's have joined S&P Global in downgrading Warner Bros. Discovery after it revealed plans to split its Global Networks and Streaming & Studios businesses into two separate companies in mid-2026. Fitch downgraded the media giant's long-term issuer default ratings from BBB- to BB+, meaning it is no longer investment grade, and its short-term issuer default ratings from F3 to B, reflecting an "uncertain capacity for timely payment of financial commitments." It also downgraded WarnerMedia Holdings' senior unsecured debt from BBB- to BB+ with a recovery . . .