S&P elevates Seven Generations notes to B+

S&P said it raised its issue-level rating on Seven Generations Energy Ltd.'s senior unsecured notes to B+ from B and revised its recovery rating on the debt to 5 from 6. A 5 recovery rating indicates an expectation of modest (10%-30%; rounded estimate 20%) recovery in default.

At the same time, S&P affirmed its BB- long-term corporate credit rating on the company. The outlook is stable.

“The upgrade on Seven Generations' senior unsecured debt was driven by our view that noteholders can expect modest recovery in our hypothetical default scenario,” said S&P credit analyst Wendell Sacramoni in a news release.

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