S&P downgrade Rolls-Royce to junk status

British engineering giant Rolls-Royce had its credit rating slashed to junk on Thursday night in the latest sign of the pressures facing the aerospace sector. Standard and Poor's Global Ratings said it had cut Rolls’ long and short term ratings to BB and B respectively with a negative outlook, as the pandemic continues to disrupt global air travel. The company had held its investment-grade rating for the past 20 years. “We expect the company to materially underperform against our pre