Excuse me JCTWIZZER, but where did I say the sky is falling, or that their debt was speculative or junk. I only stated a news related fact. A credit rating drop is a problem for any company this size, albiet not a sign of the end. Any dowmgrade will mean that the issuer will have to pay an extra premium in the debt yield over another issuer of higher rated debt. For you and me an extra 1/4 or 1/2 point in yeild is no big deal. But, when you are in the debt market for hundreds of millions of dollars, that extra premium equates to a lot of money directly impacting cash flow.
In addition S&P's comments related to keeping them on the creditwatch list were due to "concerns related to negative trends in the entertainment industry". Their words not mine. This doesn't mean, nor did I state Disney is finished, for sale, or speculative junk.