S&P cuts MIE Holdings

S&P said it lowered its long-term issuer credit rating on MIE Holdings Corp. to CC from CCC- and also lowered the long-term issue rating on MIE's outstanding senior unsecured notes due 2019 to C from CC.

“MIE has announced an exchange offer for its senior unsecured notes due April 2019 that we consider tantamount to a default after completion,” S&P said in a news release.

The negative outlook reflects the likelihood that S&P will lower the rating on MIE to SD (selective default) and the issue rating on the notes to D (default) when the distressed exchange is complete.

“We lowered the ratings because we view the proposed transaction as a distressed exchange since investors will receive significantly less than what they were promised for the original securities on the maturity date,” S&P said.

© 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.