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S&P cuts Vine Oil notes to CCC-
S&P said it downgraded issue-level ratings on Vine Oil & Gas LP’s senior unsecured notes to CCC- from CCC. At the same time, S&P revised the recovery rating on the notes to 6 from 5. The 6 recovery rating indicates expectations of negligible (0%-10%; rounded estimate: 0%) recovery for creditors in the event of a payment default. This is down from the prior recovery expectations of 15%.
The recovery and issue-level ratings revision reflects the new $280 million second-lien secured revolving credit facility (not rated) launched on Dec. 30. The new second-lien takes precedent over the senior unsecured notes in the event of default.
The company’s CCC+ issuer credit rating and negative outlook are unchanged.
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