The phrase "recent downgrade" means that something or someone has been given a lower or lesser status, importance, or rating compared to before, and it has happened recently. Full definition
In closing, Moody's recent downgrades of GE and its subsidiary GECC provide an opportunity to remind investors that if you are purchasing General Electric Capital Corp.'s debt thinking that you are purchasing a bond guaranteed by the same financial strength as the parent company's senior unsecured debt, this is not the case. (learnbonds.com)