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S&P trims Vine Oil & Gas
S&P said it downgraded Vine Oil & Gas LP to CCC- from CCC+ and the rating on its unsecured notes to C from CCC-. The recovery rating remains 6 (0%).
“The downgrade reflects our view we would consider deeply discounted open market debt repurchases under distressed circumstances tantamount to default. Vine Oil & Gas LP launched a $280 million second-lien secured credit facility with the ability to use the proceeds to purchase back its senior unsecured notes due 2023 in the open market. The notes have been trading at around a 50% discount to par since September 2019,” said S&P in a press release.
The outlook is negative.
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