Fitch on Wednesday downgraded Warner Bros. Discovery's (NASDAQ:WBD) long-term issuer default rating to "BB+" and said the separation will bring "significant uncertainty" to the company's credit profile.

Warner Bros. Discovery announced that it would split into two companies.

Bond traders unloaded hundreds of millions of dollars worth of Warner Bros. Discovery bonds on Wednesday after all three major ratings agencies — Fitch, Moody’s and S&P — downgraded the company’s debt...