S&P cuts Rolls-Royce credit rating to junk on COVID-19 hit

Ratings agency Standard & Poor's cut engine maker Rolls-Royce'scredit rating to junk on Thursday, citing the disruption caused to global air travel from the COVID-19 pandemic.S&P cut its rating for the British company to "BB" from "BBB-", below investment-grade."Actions to contain the pandemic, including government-imposed social-distancing measures, travel restrictions, and stay-at-home orders, have suddenly and sharply reduced global demand for air travel," S&P said in a statement.