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

• GLJ Research on Sell Rated Tesla (TSLA): 'We now see FSD as the main reason TSLA’s stock will bleed lower this year'
• MGM Resorts (MGM) PT Raised to $55 at Argus
• Global debt issuance falls 16% in latest week, Goldman says