Confusion over how the media giant plans to restructure its debt following a spinoff of cable channels like CNN and TNT have rattled the market for its bonds.

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 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.