These 6 'fallen angel' companies had their debt ratings slashed to junk in April

• As the coronavirus ripples through the economy, a record number of companies are on watch for having their credit ratings downgraded.
• In finance, a "fallen angel" is a company that had its debt rating reduced to junk status due to a deteriorating financial position.
• A lower credit rating means a higher interest rate expected by investors, which in effect increases the cost for a company to raise cash via debt.
• Here are six "fallen angels" that had their debt rating reduced to junk status in the month of April.
• Visit Business Insider's homepage for more stories.

As the impact from the coronavirus pandemic spreads through the economy, a record number of companies are on watch for potentially becoming a "fallen angel," according to a report from S&P Global published on Thursday.

In finance, a "fallen angel" is a company that had its debt rating reduced to junk status due to a deteriorating financial position.

A lower credit rating means a higher interest rate is expected by investors, which in effect increases the cost for a company to raise cash via debt.

According to S&P Global, "The number of potential fallen angels has risen to a record 111 issuers globally, compared with 96 in our last report."

High-profile companies that had their debt ratings downgraded to junk prior to April include Ford, Macy's, Delta Air Lines, and Kraft Heinz.

Here are six "fallen angels" that had their debt ratings reduced to junk status in the month of April.

Read more: 10 big money managers shared with us their favorite hidden gems in the market, and the contrarian trades they're making amid the pandemic

6. Hillenbrand Inc.

Getty Images

• Date of downgrade: April 20
• Old rating: BBB-
• New rating: BB+
• Rated debt affected: $1.25 billion

5. Rockies Express Pipeline LLC

(AP Photo/Al Grillo, File)      Associated Press

• Date of downgrade: April 10
• Old rating: BBB-
• New rating: BB+
• Rated debt affected: $2.05 billion

4. Renault SA

(AP Photo/Ng Han Guan, File)      Associated Press

• Date of downgrade: April 9
• Old rating: BBB-
• New rating: BB+
• Rated debt affected: $24.9 billion

3. ZF Friedrichshafen

Spencer Platt/Getty Images

• Date of downgrade: April 3
• Old rating: BBB-
• New rating: BB+
• Rated debt affected: $7.03 billion

2. Service Properties Trust

REUTERS/Brendan McDermid

• Date of downgrade: April 2
• Old rating: BBB-
• New rating: BB+
• Rated debt affected: $5.35 billion

1. Royal Caribbean Cruises Ltd.

Thomas Layer/Associated Press

• Date of downgrade: April 2
• Old rating: BBB-
• New rating: BB
• Rated debt affected: $1.75 billion