AMERICAS DISTRESS DAILY: New Fortress Energy Cut to CCC by Fitch

New Fortress Energy was downgraded to CCC from B- by Fitch, which cited risks in refinancing 2026 and 2027 debt and the LNG firm’s delayed quarterly filing with the SEC.

In Other News:

• Sunnova Energy is terminating 55% of its workforce to reduce operating expenses, days after a unit filed for bankruptcy
• Bankrupt genetic analysis company 23andMe will hold a second auction for its cache of DNA data, with the opening bid $305 million from a group led by former Chief Executive Officer Anne Wojcicki

From Bloomberg Intelligence

• Schwab Flags Default Risk in Complacent Credit Market (Podcast)

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