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S&P lowers Seventy Seven, notes
Standard & Poor's said it lowered its corporate credit rating on Seventy Seven Energy Inc. to CCC+ from B.
The outlook is stable.
At the same time, the agency lowered its issue-level ratings on the company's secured notes to B from BB-, unsecured notes to CCC+ from B and structurally subordinated unsecured notes to CCC- from CCC+. The recovery rating on the senior secured notes remains 1, indicating very high (90% to 100%) recovery, the recovery rating on the senior unsecured notes remains 3, indicating meaningful (50% to 70%; at the lower half of the range) recovery in the case of a payment default. The recovery rating on the subordinated notes remains 6, indicating negligible (0% to 10%) recovery in the case of a payment default.
S&P said the rating reflects its assessment of the company's "weak" business risk profile, "highly leveraged" financial risk profile and "adequate" liquidity.
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