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> has now widened from the initial +175bps to a whopping +231bps doing more than two-thirds of the work.

2.31% spread over treasuries is heading for junk bond status?

It's a lot closer to junk (approx 2.7%) than it is to investment grade (approx 0.8%):

https://www.macrotrends.net/3006/high-yield-spread

https://www.macrotrends.net/3042/us-corporate-bond-spread

No, but the fact that they're the worst-performing BBB bonds, the company is burning cash, and the equity being down 38% since its peak after 1 month of trading is indicative of the market's…suspicions.

We'll see what ratings agencies think of the health of the company.

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