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S&P rates Samson loan B+
Standard & Poor's said it revised its outlook on Samson Resources Corp. to negative from positive. The agency also affirmed its B+ corporate credit rating on the company.
The agency said it assigned a B+ issue rating to Samson's proposed $750 million second lien term loan due 2018. The agency assigned this debt a 4 recovery rating, indicating expectations of average recovery in the event of a payment default.
The agency also lowered its rating on Samson Investment Co.'s unsecured notes to B- from B. The recovery rating on this debt is 6.
"The revised outlook reflects our expectation that production over the next several years is likely to be much lower than we initially contemplated, leaving credit protection measures weaker than we had expected," said S&P credit analyst Marc D. Bromberg in a news release.
"Under our revised production assumptions, we think that leverage is likely to remain aggressive for the current rating at near 5x through 2013."
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