S&P Downgrades Paramount Debt to Junk Status Over Streaming Losses, Cash Flow Concerns

S&P Global has downgraded Paramount Global's debt to junk status (BB+) due to weak credit metrics
The downgrade comes after Paramount was put on negative watch last month over cash flow concerns
Paramount needs to substantially improve streaming losses over next 2 years to avoid further downgrades
Downgrade follows Paramount's Q4 earnings showing 67.5 million Paramount+ subscribers, but $490 million streaming loss
S&P Global could further lower Paramount's debt rating if leverage isn't reduced and free cash flow doesn't improve in 12-18 months