S&P Downgrades Bonanza Creek Energy (BCEI) to 'D' Following Missed Interest Payment
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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.
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