| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Murray Energy Corp. > News item |
S&P cuts Murray Energy
S&P said it lowered Murray Energy Corp.’s rating to CCC from CCC+, citing deteriorating liquidity.
“In our view, U.S.-based coal producer Murray Energy Corp. is likely to consider a distressed exchange offer within the next 12 months due to the deep discount of its secured debt,” said S&P in a press release.
The agency said it cut ratings on Murray's $1.5 billion B-2 and $158 million B-3 outstanding first-lien term loans due in 2022 to CCC from CCC+ and lowered the recovery rating to 4 from 3.
In addition, S&P dropped the ratings on the company’s $51 million outstanding B-2 and B-3 non-extended term loans due 2020 to CC from CCC- with the 6 recovery rating unchanged.
S&P affirmed the D rating on the $295 million outstanding second-lien notes due 2021 and the $479 million outstanding 1.5-lien senior notes due 2024.
The outlook is negative.
© 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.