S&P cuts Midstates Petroleum debt to CCC+

Standard & Poor's said it affirmed its B corporate credit rating on Midstates Petroleum Co. Inc.

The outlook is stable.

At the same time, the agency lowered its rating on the senior unsecured debt to CCC+ from B-. The recovery rating on this debt was revised to 6, indicating an expectation of negligible recovery (0% to 10%) in the event of a payment default, from 5.

"The downgrade of the senior unsecured debt ratings reflects Standard & Poor's revised assessment of recovery value following Midstates' sale of its Pine Prairie assets on the Louisiana Gulf Coast," S&P credit analyst Paul Harvey said in a news release.

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