 Bed Bath Beyond Inc. BBBY, 23.66 is not actively in default but still highly vulnerable at the moment, with a distressed transaction or broader restructuring a virtual certainty based on its deteriorating liquidity position, challenging operating conditions, and the looming maturities of some of its notes, debt ratings agency SP Global said late Monday. SP upped its rating on the companys debt to CC, from SD, or selective default, reflecting the retailers vulnerability. 