S&P Global Removes Ratings on Canopy Growth, As Requested by the Cannabis Company By Investing.com

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S&P Global Removes Ratings on Canopy Growth, As Requested by the Cannabis Company

Published May 29, 2023 16:17

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S&P Global Removes Ratings on Canopy Growth, As Requested by the Cannabis Company

WEED

+8.65%

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STZ

-0.17%

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SPGI

-0.16%

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By Ketki Saxena

Investing.com -- S&P Global (NYSE:SPGI) Inc has announced removal of its ratings on Canada's leading cannabis company, Canopy Growth Corp (TSX:WEED)., following the latter's request. This decision came in light of an amendment to Canopy's 2022 term loan credit agreement.

Canopy had voluntarily applied for a management cease trade order from various regulatory authorities. The application followed their disclosure earlier this month about needing to refile several quarterly financial reports from 2022 due to misstated sales figures related to BioSteel Sports Nutrition subsidiary—a sports performance drink producer under the brand umbrella.

As per the announcement by S&P Global, all ratings associated with Canopy have been withdrawn by S&P, including their "selective default" long-term issuer-credit rating—an indication that a company has failed to fulfill one or more financial obligations in due time.

Fitch Ratings currently rates Canopy at "CCC-", having downgraded them last October after assessing that financial ties between Constellation Brands Inc (NYSE:STZ).—the company’s main investor—had significantly weakened over time.

The original timeline had slated Tuesday as the release date for Canopy's year-end fiscal 2023 financial results. However, a Canopy spokesperson has confirmed that the documents would not be filed on time due to prioritizing the refiling of their 2022 reports.

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S&P Global Removes Ratings on Canopy Growth, As Requested by the Cannabis Company

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