S&P ups Callon

S&P said it raised Callon Petroleum Co. and its unsecured notes to CCC+ from SD and D, respectively. The recovery rating remains 3.

The upgrade follows Callon’s completion of a privately negotiated transaction the agency viewed as distressed because investors received well below par value in the exchange, the agency said.

S&P warned there could be additional transactions that it would view as distressed.

The outlook is negative.

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