S&P assigns B+ to Seven Generations notes

S&P said it assigned its B+ issue-level rating and 5 recovery rating to Seven Generations Energy Ltd.'s proposed $700 million senior unsecured notes maturing in 2025.

“We expect Seven Generations will use note proceeds to pay its US$700 million senior unsecured notes outstanding due May 15, 2020.

A 5 recovery rating indicates an expectation of modest (10%-30%; rounded estimate 20%) recovery in default.

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