S&P: Key Energy still developing

Standard & Poor's said that its B corporate credit rating on Key Energy Services Inc. remains on CreditWatch with developing implications.

The CreditWatch update follows the company's recent announcement that it will not be able to deliver its audited financial statements for the year ending Dec. 31, 2003 and unaudited financial statements for the first three quarters of 2004 by the Dec. 31, 2004 filing deadline set forth under the terms of the company's senior credit agreement and consent with the holders of the company's 6.375% senior notes due 2013 and 8.375% senior notes due 2008.

As a result, the company will seek additional waivers from the lenders under its senior credit facility and additional consent from its noteholders to extend the Dec. 31, 2004 deadline to March 31, 2005.

S&P rates Key Energy's $275 million senior unsecured notes and $150 million senior notes both at B.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.