S&P Downgrades Bonanza Creek Energy (BCEI) to 'D' Following Missed Interest Payment
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
S&P Global Ratings lowered its corporate credit rating on Bonanza Creek Energy Inc. (NYSE: BCEI) to 'D' from 'CC'.
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 Oct. 15, 2016 interest payment on the 6.75% senior unsecured notes due 2021," said S&P Global Ratings credit analyst Daniel Krauss.
We will look to withdraw the ratings on Bonanza Creek if it does not make the interest payment within the 30-day grace period, or will raise the ratings from 'D' if it makes the payment within the grace period and we continue to receive timely information from the company.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bonanza Creek Energy (BCEI) Announces Receipt of Continued Listing Standard Notice from NYSE
- Moody's Lowers Outlook on Zayo Group (ZAYO) to Stable; Ratings Affirmed
- S&P Places Ingram Micro (IM) Ratings on CreditWatch Negative
Create E-mail Alert Related CategoriesCredit Ratings
Related EntitiesStandard & Poor's
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!