S&P Downgrades Triangle Petroleum (TPLM) to 'D' Following Noteholder Agreement

S&P Global Ratings lowered its corporate credit rating on Triangle USA Petroleum Corp. (NYSE: TPLM) to 'D' from 'CCC'. In addition, we lowered the senior unsecured rating to 'D' from 'CC'.

The 'D' corporate credit rating reflects Triangle's announcement that it has reached an agreement in principle with its noteholders to enter into a prearranged Chapter 11 bankruptcy. Under the terms of the agreement, the company's notes will be converted into equity and a new money rights offering for $100 million. We view the result as a general default given that Triangle will fail to pay its unsecured note obligations.

You May Also Be Interested In

• Morgan Stanley Upgrades Honeywell Aerospace Inc (HONA) to Overweight
• UBS Downgrades Alsea SAB de CV (ALSEA:MM) (ALSSF) to Neutral
• CACI opens 61,000-sq-ft defense electronics facility in Rochester