S&P affirms Sheridan Fund I

S&P said it affirmed the CCC+ long-term issuer credit ratings on Sheridan Production Partners I-A, Sheridan Investment Partners I and Sheridan Production Partners I-M (collectively Sheridan Fund I).

The outlook remains negative.

At the same time, the agency said it affirmed the B issue ratings on both of the first-lien senior secured term loan tranches and the revolving credit facilities. The recovery rating remains 1, indicating expectations for very high (90% to 100%, rounded estimate: 95%) recovery in the event of a payment default.

S&P said the affirmation reflects the fund's continued high leverage burden and potential liquidity issues, which is expected to continue into 2018.

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