Financial Accounting News

Tupperware Becomes Latest Fallen Angel After Accounting Issues

Feb. 27, 2020, 10:28 PM

Tupperware Brands Corp., the direct-selling company famous for its food containers, became the latest company to fall to junk status after Moody’s Investors Service slashed its credit rating by four notches.

The cut follows a four-step downgrade from S&P Global Ratings Wednesday. Moody’s also lowered its ratings on the company’s unsecured debt by four notches to B1 on Thursday, citing changing consumer shopping habits and Tupperware’s delay in filing its 2019 audited financial statement.

The second downgrade turns the Orlando-based company into the latest fallen-angel in the U.S. corporate debt market, where fears are mounting that a slowdown in...

To read the full article log in. To learn more about a subscription click here.