Form 8-K PETROQUEST ENERGY INC For: Aug 25
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S&P Downgrades PetroQuest Energy (PQ) to 'CC'; Outlook Negative
August 26, 2016 11:55 AM EDTS&P Global Ratings lowered its corporate credit rating on PetroQuest Energy Inc. to 'CC' from 'CCC'. The outlook is negative.
We also lowered the issue-level rating on the company's $145 million 10% senior secured second lien notes to 'CC' from 'CCC'. The recovery rating remains '3', indicating meaningful (higher end of the 50%-70% range) recovery in the event of default. The 'D' issue-level and '6' recovery ratings on the senior unsecured notes due September 2017 are unchanged. The '6' recovery rating indicates negligible (0%-10%) recovery in the event of default.
"The downgrade follows PetroQuest's announcement... More
