S&P Downgrades Bonanza Creek Energy (BCEI) to 'D' Following Missed Interest Payment
Get Alerts BCEI Hot Sheet
Join SI Premium – FREE
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
- Genuine Parts (GPC) PT Raised to $180 at CFRA
- Cleveland Research Upgrades Dynatrace Inc. (DT) to Buy, 'optimism underlying fundamentals are likely to support upside'
- Truist Upgrades Strategic Education (STRA) to Buy, 'USHE Enrollment Growth To Unlock Significant Margin Leverage'
Create E-mail Alert Related Categories
Credit RatingsRelated Entities
Standard & Poor'sSign 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!