Magnum Hunter Resources (MHR) Misses Q1 EPS by 25c

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S&P Downgrades Magnum Hunter Resources (MHR) to CCC-'; Sees Insufficient Cash to Cover Expenses, Payments

May 13, 2015 10:11 AM EDT

Standard & Poor's Ratings Services today lowered its corporate credit rating on Magnum Hunter Resources (NYSE: MHR) to 'CCC- from 'CCC+'. At the same time, we lowered our issue-level rating on the company's second-lien term loan to 'CCC' from 'B-' and our issue-level rating on Magnum's senior unsecured debt to 'C' from 'CCC-'. The outlook is negative.

The recovery rating on the second-lien debt is '2', reflecting our... More