S&P downgrades KCA Deutag

S&P said it downgraded the ratings on KCA Deutag Alpha’s notes due 2021 and term loan due 2023 to D from CC and affirmed the remaining instrument ratings at D.

The downgrade follows KCA reporting it entered into a standstill agreement with holders of its debt instruments. The agreement will last until at least July 31.

The company will not make any payments due under these facilities until that date. “Any further payments at this stage are very uncertain. We, therefore, reflect this in our D ratings on the company’s debt instruments,” said S&P in a press release.

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