S&P Downgrades Bonanza Creek Energy (BCEI) to 'D' Amid Missed Interest Payment
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S&P Global Ratings today lowered its corporate credit rating on Bonanza Creek Energy Inc. (NYSE: BCEI) to 'D' from 'CCC'.
At the same time, we lowered our issue-level ratings on the company's senior unsecured notes to 'D' from 'CC'. The recovery rating on the senior unsecured notes remains '6', indicating our expectation of negligible (0% to 10%) recovery in the event of a payment default.
The downgrade follows Bonanza Creek's announcement that it elected not to make the Aug. 1, 2016 interest payment on the 5.75% senior unsecured notes due 2023. We do not expect the company to make this interest payment before the end of the 30-day grace period and we do not envision additional interest payments on the remaining debt.
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