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S&P downgrades Samson
Standard & Poor’s said it lowered the corporate credit rating on Samson Resources Corp. to CCC- from CCC+.
The agency also said it lowered the rating on Samson’s revolving credit facility to CCC+ from B. The recovery rating on this debt remains at 1, indicating 90% to 100% expected default recovery.
S&P also lowered the rating on Samson’s second-lien debt to CCC- from CCC+. The recovery rating on this debt remains at 4, indicating 30% to 50% expected default recovery.
The agency also lowered the rating on subsidiary Samson Investment Co.’s unsecured notes to C from CCC-. The recovery rating on this debt remains at 6, indicating 0 to 10% expected default recovery.
The outlook is negative.
The downgrades reflect a belief that the company could restructure its debt, reorganize under Ch. 11 of the bankruptcy code or miss an interest payment without unanticipated significantly favorable changes in the company’s circumstances, S&P said.
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