S&P cuts Southeast Supply

S&P said it lowered its ratings for Southeast Supply Header LLC and its senior unsecured debt to B- from B. The 3 recovery rating on the debt, which indicates meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default, is unchanged.

“The downgrade follows our revised assessment of SESH's capital structure with 100% of debt now maturing within the next 24 months,” the agency said in a press release. Under its revised methodology, S&P changed the capital structure modifier to negative, which led to the downgraded.

The outlook is negative.

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