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Fitch cuts Lonestar Resources US
Fitch said it downgraded the long-term issuer default ratings of Lonestar Resources US, Inc. and Lonestar Resources America, Inc. to D from C and affirmed Lonestar Resources America's first-lien revolving facility at CCC/RR1 and unsecured notes at C/RR5.
“Lonestar's ratings reflect their announced filing for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code on Oct. 1, 2020. The company has reached a Restructuring Support Agreement (RSA) with 100% of the RBL lenders and 83.8% of the senior unsecured noteholders,” Fitch said in a press release.
Fitch said it plans to withdraw its ratings 30 days after the petition date.
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