Credit Pressure Deepens

The larger-than-expected loss compounds concern after Fitch's downgrade and the recent slump in Paramount Skydance debt. The base case is not a liquidity crisis, but management may need to reassure creditors with asset sales, spending cuts, or a revised debt-reduction plan.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.