On November 18, 2020, S&P Global Ratings lowered its issuer credit rating on The Walt Disney Company to BBB+ from A-. The ratings agency no longer believes the Company can reduce leverage below 3x by the end of fiscal 2022. Moreover, S&P Global forecasts that Disney's operating performance at its two hardest-hit segments (theme parks and movie studios) will not begin to normalize (return to 2019 levels) until fiscal 2022 (ending September 30). The ratings agency also anticipates that it could take all of fiscal 2022 for revenues at the theme parks and studio entertainment to return to pre-COVID levels.

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