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S&P cuts Gran Tierra Energy
S&P said it lowered its issuer credit rating on Gran Tierra Energy Inc. to CCC+ from B and the issue-level ratings to CCC+ from B on its 6¼% senior unsecured notes due 2025 and 7¾% senior unsecured notes due 2027 (for $300 million each).
The agency also placed the ratings on CreditWatch with negative implications.
“The company faces a potential breach on its acceleration and cross-default covenants from its senior secured revolving credit facility if weak EBITDA generation and additional debt funding persist in the upcoming months. We expect GTE to receive a waiver authorization from its lenders by the end of this month; however, if it does not receive the waiver, it could lead to a default for the company,” S&P said in a press release.
S&P aims to resolve the CreditWatch within 30 days once it has more clarity on the company’s situation with its lenders.
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