Splitting Warner Bros. Discovery has its positives, but is also a ride on a dead-end street. Click here to find out why I am neutral on WBD stock.

S&P Global downgraded the media giant's unsecured bonds, put it on a negative credit watch and will review whether to lower the company's other ratings

Warner Bros. Discovery Inc. was downgraded to junk by Moody’s Ratings, cementing the media giant as a fallen angel just years after it sold one of the biggest high-grade bond deals on record.