Credit ratings agency Fitch Ratings on Wednesday downgraded Warner Bros Discovery to junk status following the company's announced split-up earlier this week, as investors weigh the deal's likely impact on holders of its debt.

Warner Bros. Discovery is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.

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